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I believe what your talking about is the 2 wire oil pressure switch setup. If I recall, one oil pressure unit is located near the distributor which goes into the block. The other is near the oil filter. The one pressure gauge near the oil filter is also regulated with the fuel pump. If you have no oil pressure, that switch sends a signal to the fuel pump and kills the engine so you don't blow it up. In your case, your going to have to use both oil pressure sending units. Since you only have one pressure gauge on the 327, I would use a brass T to connect to the block were your original sender is and then you can connect the other sending unit as well. As long as oil is going to both sending units, you should be fine.
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