Get the best of both worlds. Keep the light and install an aftermarket gauge in a pod mounted under the dash. You will need to add a simple "T" fitting to the oil port where the light switch is plumbed now.
In the long run, that light will get your attention on the open road quicker than you would notice a drop at the gauge. While you are at it, add a temperature gauge and some other gauge using a 3-guage panel.
