It may idle with fairly low oil pressure. If you're sitting at a light and it's stumbling, oil pressure may be dropping enough for the light to come on. The 'dummy light' cars have an oil pressure switch that causes the light to come on when pressure is below a certain threshold. The tune-up kid should help it run quite a bit better, and if it's been let go for as long as it has, the emissions system is probably not up to snuff. If you don't have testing/etc. in your area, it may be cheaper to just nix the stuff than try to get it all working properly again. You can also get a "test pipe" to replace the cat from BSM Exhaust I think is the company (one of the vendors on this site), but if it's just a stock motor you're probably not moving enough air to worry about it. Also, check your timing and fuel filter (I think it's in the carb on the 2/4MVs, my bet is this has never been changed) that could help it run better.
Above all other things GET A SERVICE MANUAL. Give it a once-over to give an idea of what would be needed for certain things (timing, carb. adjustment, etc.). You'd be surprised what a proper tune-up can do for an otherwise anemic car.