Ooooh, geez that isn't very good. Sorry to hear about that.
First, I wouldn't trust a 30 year old "idiot" light.
Second, obviously your oil was not where it was supposed to be. You may have a bad oil pump, or one that isn't working at capacity at the upper limits of the engine.
Third, at least a top end tear down is in order to see how badly the scoring is.
Fourth, it isn't your fault...
Good luck and keep me posted,
Sparty