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The oil pressure switch doesn't shut down the engine (unless the fuel pump relay has failed). It's there as a bypass around the fuel pump relay. If the relay isn't sending power to the fuel pump, then once the oil pressure comes up to 3 or 4 PSI the switch will close and turn on the fuel pump.
You're on the right track with the ignition. The trigger to the ECM, to tell it to fire the injectors, comes from the ignition module. So typically, if there's no spark, then there will also be no fuel coming from the injectors. Make sure that you have power to the ignition module. It should have a steady 12 volts to it when the key is switched on. If I remember right, power comes in on the pink wire.
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When I swapped bback to TBI from a carb on my 89 3/4, I replaced everythign except the oil pressure sensor and we actually didn't realize it was missing(hoel was plugged though). Truck would fire or run... No fuel from the injectors, no spark.... Finally traced it down and found out we were missing the oil pressure sensor. Once I went and bought it and hooked up the wires, the truck fired and ran.