electrical

Replace the oil pressure sending unit. It sounds like you have one that also runs the fuel pump and the pump is turning off.

Already tried that...

The next suspect would be the fuel pump relay although if it runs for a few seconds, that suggests the relay had turned on during cranking. If you're sure the oil pressure is good but the warning light is staying on, look for a wiring problem between the switch and relay. Of course you're going to have to do any testing when the problem acts up.

I believe the problem is of a cross feeding or shorting type in the wiring harness. It is not something that I have been able to make repetitive and is strictly a random accurance (on it's own). It seems to lie in the area of the alternator/power steering pump and the wiring harness' located in that area (as I have moved wires around and got the engine to run... but again it may have been pure coincedence that it ran) and as of this moment it is not running.

The only repeatable/common outward manifestation is the oil light on and engine running for a few seconds... and I am sure it is not an oil pressure issue, and I am also comfortable that it is not a fuel issue either (as I have replace nearly every component including the fuel pump and carburator). But I know that when I go to start it and the oil light goes off... it is going to run just fine (at least until the next episode).

The frustration lies in that I may go out next time and it may start without a problem, but the problem will be waiting for me again in the near future and so while it is not running I contacted you folks for some ideas.

If you haven't figured it out yet, I don't consider wiring issues as my strong suit.