Oil guage

well off hey everyone new here, i drive a 94 chevy s-10 4.3L v-6 vortech the vin number is W, and a little while ago i would be driving the all of a sudden my oil guage would drop completley down to 0 and
my emergency brake light would come on then id keep driving and it would go away, i anit had this happend in a couple weeks but i was just wondering anyone have any idea what could be wrong?
also i been wanting to do some modifications to my engine make it a little faster anyone got any points or suggestions that i could try, one boy i was talking to told me i could take that plate off thats on the intake the inside of it i dont know the name of it but it opens when u give it gas, he said i could take it and grind just a little off the back of it and itll make it faster anyone know if this is true?
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