Many like to have both a REAL oil pressure gauge, and a warning light.
The current oil switch is threaded into the Main Oil passage
Oil pressure is Back Pressure, it is the oil the engine can NOT use at any given time, the oil that can't fit thru bearing gaps and valve train holes.
To can add a "T" fitting to the threaded hole and connect oil pressure SWITCH on one port of the "T" and an oil pressure sender(PS60) to the other port.
It is measuring Back pressure so will work fine.
Then run a wire, just 1 wire, from the sender(PS60) to a real oil pressure gauge in the cab
I doubt there is a short in the dash, most likely the "bump" loosened a connector on the back of the instrument cluster but you could probably find an '07 Ranger instrument cluster at a wrecking yard