So you're just supposed to guess whether you have low oil pressure or if the engine is running too hot?? How ridiculous. Ford should be slapped for that. I had a '75 Comet that a friend gave me when he was done with it (rust-bucket) and it had the "Engine" light.
you refer to... "I think the engine light is for the oil"...they are all engine lights. they just indicate different things. so it would be...oil, alt. or brake if it's blinking.
If its oil pressure and the light goes on with RPM you may want to start thinking along the lines of a plugged oil strainer. It may be starving for oil. If it was just a pressure issue it would be worse at low RPM/idle. You may have a lot of sludge in the pan plugging the oil screen. Try and have a look in the valve cover and see if they cylinder head is covered in oil sludge. You really need to check the engine with an oil pressure gauge to start your diagnostics.
I'd be connecting a oil pressure gauge to find out how much pressure it actually has... There is a reason the call those indicators idiot lights...
