You indicated "I checked the oil level when car is running hot and cold and its good also. " Did you actually mean that - checking the oil level with the engine running? Or did you actually mean you checked the oil with the engine off, after a few minutes to let the oil drain back, when engine was both hot and cold?
By "low oil light" do you mean oil level? The oil level light comes on when the level switch in the side of the oil pan indicates low level. Very low level.
The LS1 engine is reliable, but has had some occasional issues with the oil system. Typical problems seem to relate to a pump pressure relief valve sticking open, some sort of O-ring on the oil pickup, spun bearing, worn cam bearings, etc.. I'm not really familiar with the details. Also don't know what happens to the oil system at 177,000 miles. Not sure that anyone here has had a similar problem.
Pressure dropping to near "0" on a hard stop can sometimes be related to problems with the oil pump pickup, but primarily on the earlier Chevy small block engines. But the LS1 has the oil pump mounted in the front, so that would not seem to be a typical problem.