1989 super six 150 oil warning

[Paulswain]

I have a 1989 super six 150, it has been giving me fits! will not run at full throttle, at half to 3/4 runs fine, open it up and the oil light comes on with a beep warning also. The oil tank is full. the oil pressure reset switch is no longer functioning, do I need to replace or can I by pass it? Also, it will run at nearly full throttle when it first starts up, it runs for a quarter mile and then shuts down to 3/4 and then to 1/2 throttle. and at idle an intermittent squeeking backfire starts up. Any ideas folks?

[boats.net]

Almost sounds like your motor is going into a limp mode, could also have ignition problems. Check you TPS sensor.