And as folks have pointed out in other forums, a healthy engine
with a healthy oil pump will put out 3-7psi of oil pressure
with a missing gallery plug - that won't save your engine.
Fundamentally what you're after is that if you screw it so badly
that you've turned upside down or potentially severed a fuel
line, you want the fuel to stop coming NOW. No one wants to be
upside down in a race car, strapped in, with fuel seeping
into his Nomex.
Those pressure-driven switches aren't about saving the
engine if you run out of oil - it's too late for that
once they take effect. This is all about
not spraying fuel on something hot while you're still in the car.
The big red light is exactly as you describe - it says you're
about to have Mr Bearing say hello to Mr Crankshaft, and if
you're smart you'll either shut it down NOW or take the next
several corners a little less festively.
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