Re: Oil sensor warning
I don't have 4 stroke manuals (newer) than 2002, but unless they have changed things there is no tests listed for the oil pump (and the 2006 parts list looks exactly the same as the earlier models).
There is an oil pressure sensor which is probably causing the alarm.
The oil pump itself appears to be a very simple design which would make it prone to blow a seal or two on motors that see very little use.
Alternately, the pressure sensor (which is also a pretty basic design and probably made in China) could be the problem itself - but not worth taking the risk of continued operation just incase it actually is a pump seal that is shot.
Motors that sit most of their lives need far more "preventative" care than ones that run everyday. I rarely see a 10 year old motor that has 1000 hours on it - but I see dozens of 10 year olds that have 200 hours or less - things break quicker if you don't use them, especially if you don't religeously follow maintenance and storage proceedures...
I suggest, if you have some mechanical ability, that you pick up a manual and troubleshoot the oil pump and sensor.
Alternately, a shop will do it for you, but suspect that they would replace both the sensor and the pump. A new pump is about 125 bucks so would cost more in labour to pull apart and rebuild the existing one if that was the issue...