??? Couple Questions ???

I just had my Oil Pressure Sensor replaced 2 days ago because I barely had pressure showing on the gauge, I knew though it was an OPS because It was leaking oil out of it too. I would do a Pressure check first to determine if it is a sensor or something else like the bearings, oil pump, etc...

Cost me 20 bucks.

You could look at a new oil pressure sending unit, or a new switch. However, from what other have told me on this forum, these oil pressure gauges on these cars are basically as good as an on/off switch. You either have some, or you don't, they are not very accurate at all. As a matter of fact, here is the link to the thread that I started just last week. http://forums.stangnet.com/showthread.php?t=462404&highlight=Oil+Pressure It turns out that my oil level was just low. I hadn't checked it in a while because I figured it would be fine, I knew I wasn't leaking it and I knew I wasn't burning it, but somehow I lost some. Anyways, thats not important, hope this link helps.

I'd replace the sending unit on the driver side back of the head. That is most often the problem.