What ever you do, use the stock oil pressure idiot light and stock switch.
First zooming down a freeway or track how often do you look at the console! Personally I'm modifying the emergency brake light to be my idiot light and sticking a tail light bulb (or something real bright) in there. In the VW drag racing scene the guy's 'in the know' run no gauges, only pro lights.
Keep your stock oil switch, nothing is faster reacting. As far as I'm concerned the dual switch VDO unit that I see all the time totally SUCKS the big one. Sorry if you disagree with me but it is a total piece of shit. It's slow as fuck and it will come on just in time to tell you that you just smoked your engine.
I'm calibrating my stock temp gauge for my temp gauge and I may use a Gene Berg oil temp sender. It is just an idiot light, it starts to flash when hot (210+) and comes on steady when too hot around 225 degrees.
So in the end, the only thing I'm modifying is my combo gauge, and I have a spare.