I have one on mine, the pix are on here somewhere.
The only bad part of the install is where to read the pressure from. I used the oil filter fixture. There is a plug there from the factory. The pain part is that it is a weird thread size. I tefloned the hell out of a standard fitting and it has been fine for 7 years now.
As far as being able to see low oil, you will be able to if you glance at it often. What happens is when you go around corners or are on a steep hill and if the level is low enough it will momentarily pool the oil away from the pickup. You will see the gauge go towards zero and then stumble back. But you have to glance at it often to catch it. You can also use it to monitor bearing condition because this is where you maintain oil pressure. If you know the usual baseline pressures you can watch for a steady degradation.