I really wouldn't be too concerned about the bottom end failing on these bikes. They are virtually bulletproof. Haven't heard of any problems with the oil pumps also.
Make sure the sending unit is ok. You might have to do this with a pressure gauge inserted where the pressure sending unit is situated to confirm that the switch is defective. When your light does actually come on dim, pull the wire from the sending unit to see if it is actually finding a ground through the oil pressure sending unit and not somewhere else in the wiring.
If you actually have a low pressure problem, I'd check the
banjo bolts going in the head under the valve cover (#9 in diagram). We've had a number of people who have reported low pressure issues due to these bolts breaking. Easy to check. Remove the fuel tank and then remove the 4 valve cover bolts and check.