yes, the low oil light is an oil level sensor in the side of the oil pan, lets you know when you are 2 to 3 quarts low on oil, the oil gage is just a dummy gage, anything over 5psi and it reads normal, below that and it reads 0. in all honesty, if you have the cash, changing the oil pump would be a good idea at that point, I'm just a cheapskate at heart, it would suck to have to do all that again in a few thousand miles if I was wrong
the only thing I can think of that I forgot is the throttle cable, but that's only 2 bolts with 8mm heads, that and the air filter hose and coolant hoses.
if you aren't a stranger to wrenching, it's very doable... (the biggest part is getting over the intimidation of pulling the heart of your truck) and a tip, if you have power steering, take the pump off and lay it over on top of the steering box with the reservoir cap as high as you can get it (it'll spill). I would go to Napa and order a rubber oil pan gasket, they make sealing up the oil pan a LOT easier and are only around $30, the stock one is going to be toast, and as tempting as it is, just using silicone is more of a pain than it sounds... been there done that