That oil sensor should work, but I don't know how long it will last since you can't protect the diaphragm. You really need to pay attention to the required supply voltage for the sensor. Some require 5 Volts and others 12 Volts or more. Even if they only produce a 0-5 volt output. It will be called excitation voltage some times. Both voltages are readily available under the hood, but you have to look at the specs.
The other thing you will want to look at is the slew rate of the sensor. Unlike other applications, you want a larger slew rate to help dampen out the pulsing that will be going on. Depending on the setup, the pulses can be as large as 10 PSI or more. Your mechanical gauge will give you a feel for the amplitude of the pulsing. If the needle is jumping ~10 PSI, then the pulses are actually about 15 PSI for instance. Depending on when EFI samples the sensor, it might catch the pulse, or maybe not. Makes for some head scratching if you don't know what is going on.