Check the belt tensioner and idler pulleys. My 02 GT vert had an alternator issue where the battery light would turn on at high rpm when I was really getting on the throttle hard. The lights would dim and then return to normal (sometimes) when the RPMs fell. I assume this was the alternator/voltage regulator going bad.
I replaced the alternator, tensioner, and belt and problem solved.
If you have to replace your alt, check out rockauto.com Really great prices! TIP: don't buy a remanufactured alternator, buy a NEW motorcraft unit. I bought a reman and it doesn't put out enough juice to feed my stereo amps.
As for your oil pressure issue, who knows? The sending unit is electrical, if I am not mistaken. If your electrical system takes a dump, it seems logical to find a correlation between the oil pressure symptom and a deeper loss of power issue.
I would check/replace the tensioner first, then the idler pulley(s), then the alternator. Start with cheap fixes first.