Sounds like a clogged filter to me. I can't remember which light comes on when my filter is clogged. It typically lights up when I romp on the throttle to pass somebody and the engine bogs a little due to a filter restriction. Running normally, it doesn't seem to be a problem.
Speaking of fuel pressure gauges, is that a 1/8" npt plug down on the base of the fuel filter housing... rear of housing, driver's side? I'd like to add a regular electric oil pressure gauge and am wondering if this would be an acceptable port. The idea of drilling and tapping a plastic filter housing doesn't turn me on.
Todd