Thank you Hotrod and cletis for your help with my oil pressure warning light. I started off with replacing the sender as it was cheap and it worked!
Back to square one I suppose however, as I went to crank the truck the other day and it killed power again. At least I know it's not the starter now (needed a rebuild anyway). I am starting to believe that it's a bad ground on my battery, so I unbolted the ground cable from the engine head and scraped some gummed up oil off the nut and head. Then I removed some sheathing, cut the old copper off and bolted it back on. Haven't had any problems yet but unfortunately the only way I can tell if thats the problem is trial and error. I've been told thats just how working on these old trucks goes sometimes, no computer to give you diagnostics!