What's your oscillography look like from the 387?
A quick look at the transformer should give you a good idea about the 'low oil' alarms. It takes a good amount of leakage to reach 'low level'. You should see that easily. If that's the case, the question arises as to what caused that amount of oil to get out. Two possibilities: Internal fault, or a bullet hole or other sign of physical impact.
I'd have an oil sample for dissolved gases headed to the nearest lab by the fastest means available and I would NOT re-energize that transformer until I had a complete battery of tests on the oil AND a function test of the alarm circuits.
old field guy