Oil level low light comes on and goes off when I get down on the gas what could be the problem

could be the sending unit , if you hear a ticking or knock shut it off , but it may be too late at that point . Best would be to hook up a secondary gauge to get a true reading , the car's pretty old the oil pump may be on it's way out

That is the "level low" Not "oil pressure" This car has both. Check the sending unit and the connector on the oil pan and while this might sound crazy check your oil and if it is low top it off. Some of these I have seen are sensitive to even a 1/2 qt down.