By the time you react to an oil-pressure gauge, your engine will either suffer bearing damage or be toast.
In my early days I always had a lo-pressure light using a BMC Mini (remember those) oil pressure warning switch (because they were a commodity back in the day and triggered at 36psi) but now I have a Motec CDL dash, I have an alarm set in the dash that lights up all the shift lights in red and the ECU is set to read oil pressure every 10 milli-seconds which is every rotation of the engine at 6000rpm. If the ECU sees 2 consecutive readings at 36psi or below and rpms are above 2500rpm, then it implements a 2500rpm rev limit and wont permit more than 15% tps as it can react quicker than I can - given my visual reaction time is about 0.25 of a second (and believe me, I practice it), that is still 25 rotations of the crank before I'll notice it - ECU management is better (MOTEC M150)
For bling, go for it, to save an engine, not sure it will be much help
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