I've made some progress, but still have some issues.
To replace to brass elbow, I used a 1/8" NPT Nipple (1-1/2" Long), out of the block into (the side of)a 1/8" NPT Female Tee. Out of what should be the bottom of the tee, a 1/8" to 1/4" NPT Reducer to accept the new oil switch/sender. Then the of side of the tee, which is actually up towards the hood, I capped with the 1/8" npt hex plug.....to use as a hook up point for an external gauge.
I also replaced the Fuel pump relay which had failed. So now I can start the engine, and unplug the fuel pump relay and it will keep running....as it should.
So here is some things I am curious about.
I shut off the engine....and the fuel pump kept running for about 5 seconds afterwards. That seems long....or does it mean I have awesome oil pressure?
Check gauges light is coming on......but after several minutes starts to dim and flicker slowly then turn off. Seems to do this most when it is very cold outside, and the engine has sat, usually overnight.
My oil pressure gauge still shows full pegged....always.