Help diagnose knocking issue VIDEO
Yes, just screw in a mechanical gauge instead/where you screwed in the oil pressure sensor.
Here's a dedicated oil pressure test setup at Harbor Freight:
http://www.harborfreight.com/engine-oil-pressure-test-kit-98949.html
There is one screw into my motor in those videos also.
Here is one is just at the back of the lifter valley on my motor. Just some brass fittings in the same place you put that oil pressure sensor in.