Seafoam can do some amazing stuff. I read a story on the XJ forum once about a guy who tuned and adjusted everything on his bike, got it running beautifully, and then ran a can of seafoam through it. It ran really poorly afterwards because all of the build up that was in place when he did his prior adjustments came loose, so his tappet gaps opened up again. I don't believe the story, but it sure was amusing.
Regarding your oil light, I've seen that wire get pinched between the sprocket cover and the case. That will cause a ground, and turn the oil light on. If that happened, then you might see an occasional flicker of the oil light in the event that the wire is chaffed and touches the case. Also, believe it or not, but I've seen bad oil pressure sensors. I just replaced one on a CB500 recently because it was bad, although it only came on whenever the engine was good and hot. I knew the engine was in good shape, so I swapped on a pressure sensor I knew was good, and it didn't come on when the engine was running anymore.
Check the plastic/nylon washer behind the driven brake pad. If the pads are new, and the washer is out of place, then the brake will drag. There isn't enough clearance with new pads for the washer to be out of place.
New header tape will smoke for a bit. Don't worry too much about it... unless it smells like weed... then just slow down and enjoy the "roses". ;-)
Camelman