Hopefully its just his sending unit or dash gauge thats flukey...
A friend of mine had a old 66 Chevy Impala with a 283,the oil pressure light used to come on during a rapid stop or hard cornering,so he decided to try a new sending unit,it did the same thing --then he put a mechanical gauge in it instead,and it acted like motoojeff's did,during a quick stop or taking a hard corner,it would dip down to zero or close to it,the engine's lifters started clacking ,then it would go back up to 30 psi or so and quiet right down again..
After a few months of doing this,the engine started having the oil pressure drop just sitting there idling,then go back up and the lifters would clatter and go silent..after the winter passed,he decided to pull the engine up off the mounts and try installing a new oil pump...(he'd bought the car just to beat around during the winter)..
When we got the oil pan off,we found the little nylon "tube" that connected the oil pump drive shaft to the oil pump had snapped in half,and the drive shaft was wobbing around,and evidently would slip out of engaugement with the pump,and it stopped turning!..we also found a pile of nylon cam gear teeth stuck to the pump screen,and a few got sucked into the pump and mashed between the gears..so we ended up doing the timing chain and gears while it was apart too...(used a steel cam gear too!)..and a metal drive sleeve in place of the crap nylon POS that GM used originally..
The timing chain was so sloppy it wore a hole in the timing cover and had been leaking too!...when we put it all back together it ran quite well,despite having been run with no oil pressure intermittently..we didn't dare pull a rod or main bearing cap off and look to see if the bearings were down to copper or not though!..He drove that car 3 years and then pulled the engine out to put in another chevy when that car was too badly rotted in the rear frame to be trusted any longer..