Howdy librick,
In regard to the fast idle problem, does the car run like crap when it it is cold but seem to smooth out a bit after a couple of minutes? If so, or even if not, check for a big vacuum leak. Maybe a vacuum hose got dislodged while you were working on it. Just behind the left headlight assembly is the purge canister. It has vacuum lines and fuel lines running to it. I would start my search for a vacuum leak there. Also, check that the intake manifold hasn't loosened at the head. Does the brake pedal get excessively hard? Maybe the check valve on the booster has gone to lunch and taken the vacuum with it. ;-)
No vacuum leak? Check to make sure the throttle plate is returning all the way to it's "home" position. Even if the cable has slack in it, in fact, especially if the cable has slack in it, suspect the throttle plate is sticking open.
As far as your oil light, check the oil level. Check it first thing, before driving the car. If the oil level is low, top it off and start searching for the leak. If the oil level is fine, check the connection of the wire on the sending unit. Follow it back and make sure it isn't touching metal anywhere. A bad connection or frayed wire is the most likely explanation of an intermittent oil light.
Buy and install an oil gauge. It doesn't matter whether it is electric or direct reading. You are not concerned about accuracy. A $15 under dash gauge is probably the best insurance against catastrophic engine failure you can buy. In conjunction with a functional "idiot" light, it can save your engine from death by oil starvation. It just needs to give you a reasonable value. The next time the light comes on, check the oil pressure. If it is down, check the oil level. If you have low or no oil pressure and the the level is OK, you've got a problem with the oil pump.
Leaks can be difficult to pin down; you may want to wash the motor so you can see fresh oil emerging from the gasket or seal involved.
Do not continue to run an engine with little or no oil pressure. Find and remedy the problem or the engine will seize. Replacing the oil pump is relatively inexpensive and a Saturday job. Replacing the engine costs more than the KBB value of the car and is a great deal more involved.
Let us know what you find.
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Mr. Shannon DeWolfe -- (I've taken to using Mr. because my name tends to mislead folks on the WWW. I am a 52 year old fat man
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