I have a set of gauge and adaptors off ebay for £15, dead handy, maybe not super accurate as they are likely Chinese but will give you a fair guide. I've had the light switch turn dud before and freaked me out a bit on a good low hours engine but the gauge I borrowed showed oil pressure ok, new switch job sorted.
I wouldnt start a rebuilt engine without using gauge piped on, last one I run for a couple of days with gauge cable tied up to cab so I could watch it.
Not sure on the TM but I think one of the pressure switches on the backend can be swapped for engine oil pressure switch on a 40 series, handy to check out if its dud maybe.
Gauge it first, diagnose from there.
I looked on ebay plenty but don’t really say if they have a 1/4npt thread adaptor. Will just take a chance on one. There is a pressure switch the same on hydraulic pump i could try.
Do you remember if you had oil light flicker when your big end went on 78? Or remember any pressure readings you got?