My boat has Smart Craft gages , so I am not up on the warning lights
operation. However, there are some things I can tell you that may help,
The engine oil reservoir must be completely full. No air space at all. This
is accomplished by filling it all the way and as an added measure, cranking
the engine with the cap loose and letting the oil from the remote oil tank
flow till it coming thru the threads of the loose cap. Tighten the cap while
it is overflowing and you will be assured of a oil system that is purged.
That may your problem, or maybe not. FYI the engine is not oiled from the
compressor oil, the spent compressor oil does enter the air side of the
injection system and add some lubrication, but the primary oil for the
engine is injected into each cylinder's crankcase. The are seven injection
points. One in each of the cylinders and one to the oil pump.
I think ( I haven't researched this) that the only feedback the warning
lights get is oil level in both oil tanks, and switching to the oil pump.
There is no way to know if oil is flowing as the computer just knows if the
oil pumps operation is switching on and off properly. So, save a switching
error, the problem is oil levels in either tank as well as ail space in the
engine oil tank.
Hope this helps or getting really optimistic, solves your problem.
ps, if these thing don't help, you need to have the engine connected to a
Mercury DDT at shop or freind's, that is the only way to check switching to
the pump. Also ,again, you could go thru the self priming opertion and
listen for the injection pump to run.

--
Ron White
Boat building web address is
www.concentric.net/~knotreel