Will it still read accurately ?
Yep, or at least it should do.
You can fit an adaptor between the block and the oil warning light switch with a port for the pipe to the electronic pressure sender, but this moves the switch out and makes it more vulnerable to being knocked. I think you can you can leave the warning light switch as is and fit the pipe to one of the tapings on the oil gallery on the LH side of the engine.
Thanks ON, I couldn't think of a reason it wouldn't - but, you know.......
I am planning on running a nice polished pipe from the port on the block to below the tank, then fitting the T adapter up ther, so both the sender and the switch plus all the wiring will be hidden.