Need help with 98 70HP Johnson NO OIL Alarm

[NewEnglandLegend]

The Engine ran great since 1998 with no issues at all. Recently, I can't get on plane, the engine boggs down and shuts off. I prime the fuel bulb and it start fine and idle fine for a while then the NO Oil Alarm turn on and stays on until I shut the engine off. I replaced the fuel lines from the tank to the engine and put new clamps, i also replaced the fuel filter and spark plugs. When I start it , you can smell the oil burning and see a lot of smoke which indicate the oil pump is working.
If the engine is starving for gas, does it set the NO OIL alarm off since the oil pump and the fuel pump are the same ? Any ideas would be appreciated.

[ChampioNman]

Look at the VRO pump, on the back side you will see 4 wires coming out of the bottom of the pump, this is the NO OIL alarm system. Check your oil tank and make sure you do have oil in it. Carefully remove the OIL line to the pump and prime the OIL TANK bulb to make sure the oil is indeed going in to the pump. If so, follow the wires back to the connector on the motor and disconnect there. The motor is doing what it was designed to do stay in SLOW mode until the problem is corrected.
The vacuum switch on the fuel side monitors fuel flow it will sound the horn to indicate a restriction but will not put the motor into SLOW mode.

Chances are good it is time for a new pump.

[NewEnglandLegend]

Thanks ChampioNman, I'll give it a try and post the results.