You probably have a tired IAC. You can help it out by very slightly opening the butterfly valve with the throttle stop screw. If you do this, be sure to re-adjust the throttle position switch. Your hot idle speed may elecate slightly.
As to the oil pressure light, I would install a mechanical gauge and check the oil pressure. The Volvo red engines can push the seals on the oil delivery tube over the ridges on the tube, and the oil pressure will then run low. I have seen that several times.
Although the attached picture is a little dark, you can see the seal pushed out of position on this oil delivery tube. This engine had a little over 106,000 miles.

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john
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