Well I found the culprit. The pressure relief check ball was missing! I pulled the insert out of the housing and all that was there was the spring. Three local dealers did not have the 11/32" steel check ball on hand-said it would be a week before they would have this 23 cent part. I had the idea that these steel check balls are commonly used in older auto transmission valve bodies. So a search yielded the info that a 11/32" steel check ball was used in Chrysler 727 Torqueflites. The local transmission guy had one on hand, and didn't charge for it. So I installed it, and replaced the oil filter. Just cranking it over to start it, the OP light went out and stayed out. I ran it for a few minutes, and no leaks or oil lights. A dash mounted gauge is on the to do list. The image below is the of the new check ball after I reassembled it.
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582, 682, 782, 782D, 1282, 1050, 1210 x 2, 1711, and 1811
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