The lower mark is enough, the upper is maximum. At maximum though a lot gets into the air box, thus the recommendation to stop at the mid point.
1) The light on does not necessarily mean the pump is not picking up oil, just that the level at the front of the engine is below the sensor. Part of the reason it comes on is a lot of oil is pumped up into the engine.
2) Even if the pump did get starved you cannot keep up that kind of acceleration long enough to do damage without killing yourself first.