Are the lights on at idle and go out when you rev it a little, or do they stay on all the time? Do they come on when you turn the switch to the "ON" postition without starting the engine?
The generator light is supposed to indicate that your generator is not charging . . . of course, your battery will run down if it's not, but other than that it's no big deal to run it with the light on UNLESS it's not charging because the generator is not turning (broken belt, key out the pulley, etc.). If the generator isn't turning, you have no airflow to cool the engine and it will only take a minute or so for it have a melt down.
The oil light is supposed to come on when the oil pressure is below a set point . . . I don't remember the exact pressure, but it's pretty low . . . something like 4 or 5 pounds per square inch maybe? . . . I don't remember for sure, but it's pretty low.
Anyway, if the lights are working correctly and they are both on, you need to pinpoint why and get the problems resolved before you run it. Since the car sat for several years, it may just be suffering from electrical problems . . . usually just bad connections, and most often times on the ground side of the circuit. The idiot lights share a power connection with the turn signal indicator light . . . does it work correctly?
