Hi
Was just reading both your posts about this tractor and the pressure switch. somethings wrong here if your tractors a 54. as it should have a mechanical oil gauge that works with a feed pipe not a light and pressure switch

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The oil gauge should be in a tin box with the temp and amp gauge, the voltage regulator for the dynamo, horn switch and light/key switch should also be in there. This box is located down below the bottom back of the fuel tank on a 54.
you ask about red and green lights are these in the temperature gauge ( white or rusty faced gauge in a rounded kinda shape housing, to the left of steering wheel, with a rev counter the other side on top of the fuel tank) or has somebody added them to the tin box I talked about before if you have that

. if those lights are inside the temp gauge it sounds like you have a power major or super major steering box fuel tank and gauge cluster mounted above the tank from 58-64 ish, and would have a 3 sided tin shroud below the tank with the stop cable and ignition switch fitted, and a slot in for the high low lever to come through. The red and green lights would be oil pressure warning and charge light. left would be charge and right would be oil pressure light. if you got the lower tin box they should not be on the tractor if it's a 54, somebody added them
Like i said somethings wrong here you could either have a 54 with the wrong gauges steering box and fuel tank, or you have a later tractor with the wrong motor

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Some pictures would be good so we might be able to see what you actually have there, as many majors have been working customized over the years with mix/match parts

. In the tractor trade we call them Heinz 57's or as Brian says A.S.P's meaning All Spare parts. there are a lot of these out there being sold on Ebay if a guy knows what to look for.

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Regards Robert
A Fordson is for life not just for Christmas !.