I could well be a faulty pressure switch, which is a 5min job to replace. A long reach socket will help to change it as its difficult to swing a normal sized spanner.
Being a '98 and 290K, I'd be checking the big end bearings anyway (even if you find a new switch sorts the light issue out) as it seems quite common for the upper shells to delaminate. Just replaced them in my '98 build 130 at 320K and they were looking pretty sad.
Bearings are cheap (about $45 a set) so drop the sump and check them out. Unless they are perfect I reckon just replace them. 
You'll need a torque wrench for the nuts on the caps, a 15mm double-hex/12point socket and some sealant for the sump. 
A new o-ring for the oil pickup and gasket for the oil return tube would be nice while you have them off but not critical IMO.
Note that its the upper shell that has issues, so don't just pull the big end cap off and think everything is OK if the lower shell is fine.
If you're concerned about doing the bearings but happy to do the crappy job of pulling the sump off and putting it back on again there's likely someone nearby that would lend a hand for suitable liquid repayment 
Bit far for me 
Steve
				
			 
			
		 
			
				
			
			
				1985 County - Isuzu 4bd1 with HX30W turbo, LT95, 255/85-16 KM2's
1988 120 with rust and potential
1999 300tdi 130 single cab - "stock as bro"
2003 D2a Td5 - the boss's daily drive
			
			
		 
	
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