The alarm can got off for at least 3 reasons, I believe anyway, if that's a 60 degree v6 fastrike/eagle-series/looper, anyway (real problem or alarn malfunction): . 1 - VRO/oil level related oil issue, 2. Heat 3. Fuel vacuum.
Probably does for over rev too.
You gotta figure out which alarm it is. Make sure you oil injection looks sane, I'd honestly run a quality oil at 75:1 in the fuel util you are sure it's getting oil - little extra oil doesn't hurt much, will save an engine from burning up during trouble shooting provided you got easy on it if the oil injection is failing.
If it occurs, try the squeeze bulb - if it is collapsed and you can't even pump it you got a vacuum issue.
Most likely culprit is temperature. Water pump, thermostats, is first attempt, which if not done in the last couple years (or subjected to abuse) shouldn't be questioned as a likely cause. These engines all idle & do low RPM, notably warmer than they run at say 2500-4500 RPM. And when there's a cooling issue, particularly so - they tend to overheat at < 2000 or > 5000 RPM. So running ok when flying across the lake doesn't indicate all is well if you have low RPM alarms, more so it proves something is wrong and it's not a false alarm.