Well sorry to break the news to you but its highly possible your entire engine is on its way out. My '05 E350 with 5.4 had a somewhat repeatable low oil pressure warning light, alarm and OP dash "gauge" dropping to zero before popping back up. I too changed the OPS to absolutely no positive effect--same situation.
Heeding the Work Shop Manual's procedure or specification of OP at hot idle being 25 PSI minimum my first test with 5W-20 syn-blend oil showed a whopping EIGHT POUNDS.
A trusted mobile fleet mechanic suggested a concoction of 15W-40 diesel oil and one quart of Lucas Oil Stabilizer---OP at hot idle jumped all the way up to FIFTEEN PSI.
A new engine fixed the OP problem, the replaced engine had about 145K miles, had supposedly been "carefully maintained". Typically oil pressure readings that far below the factory spec of 25 PSI isn't the cause of anything other than a failing oil pump or main/rod bearings worn to the point the engine won't hold its oil pressure.
As for your IC OP "gauge"---rather than muck about with all those mods on an existing E-Series cluster add an aftermarket real OP gauge---I use Auto Meter GS Series myself but cost isn't a consideration. There are other very good quality gauges that would work fine. Once upon a time I too considering buying a gently used IC to experiment with modifying it but in the end preferred the aftermarket gauge.
FWIW the best place for an OP sender is in the same spot Ford installs their own. I kept the factory sender only to shut the IC from sounding off but added a brass t-fitting so both the factory OPS and aftermarket senders could be used simultaneously.
You can also use an oil filter adapter sandwich plate to add a sender point if you're not up to adding the brass tee fitting. This photo shows the factory OPS on top of the tee-fitting, the aftermarket sending unit would be where the blue fitting is now.