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Somehow I don't think it's that simple with this. While I don't know for sure if it would work or not...but the liquid does go into the gauges (except elec oil gauges) and I think it might have some affect...not to mention how would you actually hook it up.
Most of Harbor Freights stuff is junk anyway...
Go to the local parts store, get an oil pressure gauge, and screw it into the block and be positive you have the correct information...not to mention it'll be 10 times easier. It's not like they're all that expensive.
A mechanical pressure gauge should be the same for oil, fuel or water. The only difference would be the words on the face. We've had an Autometer 0-100 fuel pressure gauge for years and it seems to work OK. Getting one with a smaller range (0-100 or 0-60) would show more needle movement and be easier to read.
Also, someone advised me that if you have an original "idiot" light on the dash, use a tee fitting so you'll have both. If oil pressure is bad, the light will get your attention faster.