Now OldSub is saying that I'm "probably aren't going to get accurate meaningful oil pressure readings from the stock gauge with this setup."
It seems to me that a pressure guage merely does just that: measures the pressure; whether the pressure comes from an oil splash or a high pressure engine.
The splash oiler pressure gauges show a lower range than the later pressure oil gauges.
If your gauge only reads 0 to 30 but your actual pressure is between 30 and 45 you aren't going to have an accurate reading.
The oil pressure gauge on a '47 to '53 does in fact only read 0 to 30 while on a '54, the first year the 261 was available, the oil pressure gauge reads 0 to 60.
You can't accurately measure 35 pounds of pressure on a gauge that stops at 30.