My 1987 240 DL low oil pressure light flickers when i depress the gas pedal, I checked the dip stick the oil is high. Do I need an oil change or is it somthing else?

 

This could be a sensor going bad or a engine problem. The sensor usually triggers at 5PSI so if you have low oil pressure the light goes on. I would have someone install a mechanical oil pressure gage and get a real reading of the pressure. If it is low then you will need to have the engine rebuilt. If it is OK then I suspect it to be the sending unit. Also what weight oil are you running. Did you change it recently to a lower viscosity?