Update:

I finally got around to spending some time on the car. I checked the compression and got between 125 and 135 psi on all for cylinders (so assume the pistons are all good). I also turned it over on the starter with the plugs out and the oil pressure light went out pretty quick so guess i'm stll getting over 7 psi pressure. My Tim electric oil pressure guage was reading less than 5 psi but it is rubbish so that doesn't really mean too much.

I have two questions for the experts:

1. If I had spun a bearing would the oil warning light still be off (ie getting over 7psi?).

2. Would you hear anything distinctive just turning it over on the starter if there was a bottom end prob as it sounded fine.

Many thanks.