I can't speak for the engine light issue, but look into stepper motors for your gauges for the oil pressure issue. I just purchased a used '04 Trailblazer EXT and the tachometer stopped working 1 week after driving it off the lot. I did some looking and apparently the Delphi motors that GM used do not hold up. "Check this link for more info...
http://forums.trailvoy.com/showthread.php?t=48886
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