Yes, the SENDER is a standard PS60, which is a universal sender that works with Ford gauges once resistor is removed.
You may need an adapter or elbow, as the PS60 is wider than the switch.
Have a look here:
http://www.rowand.net/Shop/Tech/FordOilPressureGaugeFix.htm
I don't agree with the writer of the article but the pictures are good

Monitoring "real" oil pressure is not something 98% of drivers do, changing it to an ON/OFF setup was done to stop 1% from worrying about low gauge pressure and spending money trying to fix a problem that doesn't exist, the other 1% know that anything above 5psi at idle is fine to cool and lube the whole engine.
If a low oil pressure problem should occur, below 5psi, then this gauge reads 0, even my wife "might" mention that to me, "The oil pressure is at 0", might being the key word, but it is certainly more of a possibility than "The oil pressure needle seems lower", that I know she wouldn't notice or mention, lol.
Oil pressure is the unused oil that is backing up in the passages and filter, it is back pressure that builds up because the oil pump is pushing more oil than can be used into the filter and oil passages.
Some pressure is good and needed, upper part of the engine needs at least 5psi in the lower part to get good flow in the upper part.
Too much pressure is bad as well, oil coming out at bearings at a high pressure can cause a cavitation effect and bearing gets hot spots causing failure.