@John Bungen if you look closely at the area directly behind your spark distributor, you will probably see some existing sending jnits similar to what you showed for a temp sensor. There might be two back there - one for oil pressure and one for oil temp.
Often, they are attached to the engine case with a “T” to service both senders. Where they attach to the case is a port right in to the oil passages of the engine so they are sampling the oil just before it heads to the bearings.