That should still not be the case, if your OP switch is wired correctly. I don't have a TR schematic in front of me, so I can only go by the Spitfire, but I suspect these are the same.
The OP light and the Brake/PDWA light get their power from a terminal on the ignition switch. All the OP switch is doing is providing a ground when the oil pressure drops below about 5-8 psi. When the pressure increases the switch opens and the light goes off. The Brake light ground is provided either by the pressure-differential switch or by your handbrake switch. But it does not depend on the OP switch to operate.
The only difference between the three-prong and single-prong OP switch is that the three-prong toggles the ground between the OP light and the anti-runon switch. When OP is low and the ignition is on (in "run" mode) you have power to the OP light, and a path to ground through the OP switch. But there is no power available to the anti-run on valve.
When you turn the igition switch off, power cut from the ignition circuit and from the OP light, but is applied to the anti-runon valve. The valve has a ground available through the OP switch because there is still oil pressure while the engine is turning through its last few cycles. This circuit energizes the anti-run-on valve, which applies a little vacuum to the carb float bowl, enough to stop the engine from drawing fuel.
As the engine comes to a stop, the oil pressure drops below 5-8 psi and the switch flips to open the run-on ground and close the OP light ground. So the run-on valve should now de-energize. Voila.
So if you do have a short to ground in that white-purple wire coming off the anti run-on, when you turn the ignition switch off you have a live circuit, which would keep the valve on (and drain the battery).
You need to make sure your three-prong switch is wired correctly, as per Roman H's post. If not, you can get some funny results which could account for your brake light problems.
Also, if one wanted to move to a single prong switch, you could do that. The single prong grounds itself I believe, through the body of the switch. So you would just disconnect the anti-runon and ground wires from the current switch (I don't believe any other circuits use that OP switch ground, don't know whythey would). The single terminal would be use to connect to the OP light and provide a ground for it before the pressure built up.
Sorry to be so long winded......