The needle seat leak isn't bad and may fix it self over time, but right now should do no harm. Do need to get the oil pressure switch fixed next year.
Don't remember if you have handle controls or panel. This is panel but handle works the same way. When power is applied to the Blue wire the solenoid the solenoid contacts close and send power from the Red wire across the large terminal to the large Blue wire on the other side.
To test, there are two small terminals and to large terminals. One of the small terminals has a black wire and is grounded. Push the UP and see if your getting 12V on the small blue wire terminal. Note if you hear a click when button is pressed.
If you get 12V on small blue wire, then check if there is 12V on the larger terminal with the red wire. Push the up button again and see if you get 12V on the other larger terminal with the larger blue wire