The guage has a oil pressure sending unit and the alarm has a oil pressure switch. Both are located at the same place as describe by the others. If you are having issues with both you may a real presssure problem. do you hear any noises from the engine? knocking, ... I would not run the engine until you determine the fault here otherwise you may destroy it. A way to check is to get a mechanical pressure guage and connet it to the engine to see what it reads.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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