Mine when new, the oil light would come on at times. Rode it for 24,000 miles and replaced the cams, went to gear drive and went to a Fueling pump and a Basile spring. 50# now on the road. But I did need a pump. Mine was junk when I took it out. All kinds of scratches and marks. I am crazy about keeping the oil changed. Go figure.
I put an 06 Ultra engine with about 6k on it in my 03 Bagger. When I got the bike running my oil pressure was just above zero at idle and under 32 cruising. It totally freaked me out. I installed the Baisley spring, now I'm about 15 at idle and over 32 cruising and the engine is definitely quieter..
The 06 owner's manual says this: "Engine oil pressure will normally vary from 5 psi at idle speed to 30-38 psi at 2000 rpm when engine is at normal operating temperature of 230 degreees F." That describes my bike perfectly, and I've never had any problems on account of it for 34k miles. Idle pressure will be considerably higher before it's fully warmed up.