Keith,
I would not recommend putting the
oil pressure switch into the ignition. Nor would I put it on the fuel pump.
I have found that a nice big bright red light on the dash right beside the tach works quite well.
The reasoning is this:
1. If you put it in the ignition circuit and you are in the middle of a corner (With a little speed, which I am sure you will do now and again) and you have
oil pressure loss, the ignition cutoff will cause immediate trailing throttle oversteer. Quite unexpected by you. A sure way to have a crash. This could happen quite easily as
oil sloshing during cornering will often give you a low reading right at the wrong time.
2. As you noticed, a cutoff on the fuel pump lets you run until the bearings are certainly toast.
A big bright red light will get your attention right away and will allow you de-clutch and cut off the motor once you have the vehicle well under control.
Also, I would make sure that the sensor is set to 15-20 lbs. This will be above idle pressure so that the light does not come in normal use.
But, it will give you a early warning of the problem and you can shut down prior to major bearing damage.