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more than likely it is, due to the fact that it came on while driving down the road, and not at idle. Bonus is that he will already have it out for testing so he's half way there on replacement.

Rule of thumb is 10psi per 1k rpm's

If you want to own one than the cheapest way would be to drop by a Harbor Freight nearby, as it sounds like you probably wont need it much. Also most parts store have a free loan-a-tool program which sounds like your best avenue to take.

The first thing to do, is remove the oil pressure sending unit and attach a mechanical gauge to verify oil pressure loss. If the gauge shows no sign of pressure loss, than replace the sending unit.

I'm thinking the same thing. Factory style crimp clamps. Willing to bet it's on a vent line for tank. Probably a mini seperorator so fuel does not travel down line in case of tank overfilling or fast cornering with tank full. Check the evaporative section of Manual to see if it's there.

I know ford small blocks had a oil filler cap with a PCV valve on top of it( 80's). Or drill a hole in your oil filler cap , install grommet and valve