If you remove exhaust caps 1 and 4, and run it for a short time on the centerstand, the action of the rockers will flick drops of oil out and you know the cam is getting oil, as those are the end of the line for the system.
And Ron means "exhaust tappet inspection caps". On the valve cover. Rockers are under there and you should get oil all over the front fender if yr top end is being properly lubricated with these removed and the engine running.
When we're talkin' "exhaust tappet inspection caps" we're talkin' about these, correct? (see photo)
So, to clarify, your light is now out and you have 10 psi with a warm engine at 1500 rpm? That sounds right. You haven't said whether you've revved past 1500 rpm to see if the pressure on the gauge rises. If you have access to compressed air, aim some into the back of your gauge- if it don't go above 10 psi- bad gauge. (I actually just tried this with keyboard duster stuff and got near 40 psi).
This is comforting info – thanks so much. Yes, I'm getting 10psi with a warm engine. I have reved up past 1500rpm with little change to the gauge reading – stays steady around 10psi at 3000rpm. Also I know the gauge is working as sometimes when the start the bike it reads around 20psi then slow drops to 10psi as it gets warm.
Gonna start with what is probably obvious- O-ring on bolt, bolt into housing, spring on bolt followed by thrust washer then filter.
Gonna check the oil filter cap assembly as well as the exhaust caps now (once I confirm I'm looking at the right thing).
Thank you everyone for all the help!