I don't have the service manual for the 98 450 ES, so I don't know if this is relevant or not... but does the oil temp control module shut down the ignition if it detects an overheated condition? If so, troubleshoot the oil temp sensor and module circuits.
Edit:
This is probably irrelevant, but does the display function like it should? Everything work on it? Doesn't reset itself or flicker the oil temp light?