The new car we have just put together is running an oil pressure cut out.
we have a similar oil pressure switch, plus an override switch so we can start the car. The switch cuts the earth to the ignitor. You need to work out if the switch is normally open or normally closed, if NO you will need a relay as well.
We've only run it at sandown once but all worked fine, no issues with unexpected cutouts around the track.
Oil light would have to be a big one to be effective....I once saw a car running a trailer indicator on the dash....if they don't see that....