ok 3 things
the orange light is low oil, so put some more in it.
get an oil pressure gauge it'll cost ya 40quid ish including the sender. get it from demon tweeks or similar. it's the only way you'll be able to read it. you might be able to get a garage to read it, but it's much more useful to have it permanently in the car.
use a thicker oil till you've got the gauge fitted. If your pump's on the way out, the thicker stuff will help it maintain pressure.
if it goes, you'll be looking at big end bearings, main bearings and a crank regrind. about 150 quids worth plus bolts, gaskets, and labour. so, yes, it's best to sort it out now. keep your revs low (under 5k) if possible as it'll minimise the damage.