At least the guage will give you a baseline. Then when you see changes from the norm you can investigate.
When I had my supercharged MG Magnette the oil pressure guage saved my engine, ironically the braided hose to the guage failed on my way to a British Car Show, and the needle dropped like a stone. Unfortunately I was doing 80MPH on the freeway through Seattle Washington at the time. As I was going through a construction zone there was no place to stop and by the time I was able to get off the freeway I had lost 4.5 litres of oil, fortunately with no ill effects. The car stopped 100m from a foreign car repair shop and they were able to get me a replacement hose within 3 hours. I did make it to the event I was going to.
MGF MY1999 Oil Temperature Indication Failure
Affected cars: MGF Modelyear 99 (the first of the so called MY2000) approximate VIN range 511000 ... 52????, not official approved !!
Failure: Indicator for the oil temperature raises up to 170°C at high speed.
Reason: The dual Oil temperature Sensor does not relate to the specifications
Action:
Pull off the 13 position multiplug No. C160. This plug is located in the engine bay left of the main relay.
Cut the brown-blue wire at app. 60mm apart from the plug
Solder a resistor of 15 Ohm O,5Watt between this open connection and seal it with shrink tube.