The oil pressure may be perfectly fine. half way running is ok... in the red when reved up is NOT okay.
In the red at idle may or may not be okay, but if the oil light is working and staying out at idle, I would assume that the pressure is very good and okay. The red light will be set for just below normal idle pressure and its telling you that your okay. It will NOT put out 50 lbs of oil pressure at an idle and NEVER would.
As others have said.. check for correct type of oil for the temperature your operating in. Also check for "extra" oil where diesel fuel is getting into the crankcase and diluting the oil. This can cause the bearings to fail. If the oil level keeps going up, your getting either diesel or hydraulic fluid into the crankcase.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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