Disconnect the -ve lead of the battery.
OK, well the first thing to do is test the 2 senders on the motor with your meter set to it's lowest Ohms, setting, and find out which one is the normally open one (closes as soon as oil pressure is there) (this is referred to as the "low pressure switch" the other being the High pressure switch of course

that other one should be left disconnected )
Then you need identify at the binnacle end which wire is running back to the sender. (again using your meter as a continuity tester, you may / will need a long bit of wire to extend one of your meters leads back to the engine bay

) Or you could use the blue wire which would have been on the back of the alternator, it will still be hanging around somewhere, or you could use the one that goes to the "other" sender (after removing it from it's terminal of course) or you could even thread a fresh wire up front !
Then you cut the wire at the binnacle end and insulate the tail that is connected to the binnacle circuit end (just for safety).
Then the slightly tricky bit. You need to find out which "leg" of the oil warning LED (note = LED not bulb) has got some volts on it, and which "leg" is going to the earth track. (another reason why I asked if you are OK with the meter

).
Then, again with care, you need to cut the ribbon copper trace that is on the earth side of the LED and solder the wire you have got going to the sender on the motor to that "earthy" side of the actual LED.
This all sounds harder in print than it really is. I could do it in about half an hour (not meant as a boast by the way

)
End result (and for clarity) you now have an LED being fed with 12 Volts (all be it via it's compulsory dropper resistor, but you don't need to concern yourself with that

) you then have a wire going back to the "normally closed" sender. When you turn the key on the circuit is complete and the LED lights up. When you start the engine the oil pressure opens the sender contacts, and the LED goes out. If at any time your pressure drops below the threshold of the sender, the LED comes on
Don't forget to re-connect the battery
Note = I may re-read this and E D I T to make clearer, so look back for any edits
