sneding unit is the switch its cylindrical and round and electric, and if its 4.3L then its located right near the distributor way in back in a tight spot almost sort of,, orange wire, gray wire and i think a black or white wire. 3 wires total.
it sends a signal to the guage and also fuel pump power runs through it(orange and gray wires, third wire will be guage sender wire)
sometimes the sender goes bad and is innacurate, especially if old or high mileage
mine is pegged out at 80 when engine is running
i dont worry about it though
its pretty rare to have an accurate oil pressure reading in these trucks especially the first gens, and any old trucks too. also the 80s F body cars and so on. may have moved or loosened the pickup tube if dented up far enough to move the tube,,
the engine ticking might be something though
try another oil filter, it may have stuck relief valve.,
is bottom of oil pan where the pump pickup screen part is located dented upwards any? if so it may be causing oil pump starvation