What you guys don't understand is that he's running a Novi setup (DoubleBlown - put something in your sig alreaday!). With the Novi setup he has an oil feed and return line just like a turbo kit would use. The oil level sensor location now becomes the oil drain return for the Novi. As far as oil pressure gauge goes the stock one is pointless....it's a dummy light and will only come on when the oil pressure is below 5psi......and lets face it, if you're at 5psi of oil pressure there is a good chance the motor is already toast.
DoubleBlown....just disconnect oil pressure one (open circuit means the light is off) as far as low oil level light clip a paperclip and bend it perfectly to put into the plug. Once the circuit is closed the light will go away. Also use electrical tape to really cover up the end of the connector and go on a ahead and zip tie it up out of the way of the elements.