Oil flow problems

Hello. I have a similar problem to Jim's that was posted earlier. I have a'93 Yamaha V6 150. About a month ago a had the boat out and the reserve pump would not shut off so oil was flowing out the air intakes. I replaced the sensor and and put her back in the water. After about 30 minutes use, the same thing happened with excess oil pumping, however not to the same extent as the first time (first time i could hear engine pumping continuously and more oil flow) This time I replaced the screened float tube as the old one was a little warped so I thought the float was jamming. Over the weekend, same thing happened again after about 25 running minutes. So I am now stumped and looking for guidance.

Worth mentioning that on occasion, typically after hitting a wave pretty hard, the oil alarm will sound until I bring her back to idle speed then the alarm will stop and good to go again. This is my second season with this engine. The alarm issue I dealt with all last season without having the oil flow issue i'm presently experiencing.
Greatly appreciate any feedback and suggestions.

[boats.net]

Check for loose or bad ground wire connections, when that top switch inside the oil level sensor closes( when float moves up tp top) it completes circuit to ground. A loose ground could account for the alarm when you a hit a wave.