I know in my old 96 K2500 with an L29 454 it had the function of killing the fuel pump if the ECM read low oil pressure, cause it happened to me that the oil pressure sending unit went out, and the truck wouldn't fire...no fuel pump. So I changed the fuel pump and it did nothing. Did more research and decided to change the oil pressure sending unit, and it fired right back up.
Yeah, we're talking about two different things here. You're talking about being able to scan the ECM to read codes, clear codes, and see vitals of the vehicle. And yes, those are cheap and easy. I have one I bought off amazon that was $20 that plugs into the OBD2 port and then into my laptop. I downloaded the software and can do all that from my laptop.
We're talking about getting gauges setup inside the cab for when you're driving around. Yes, you can get digital gauges that pull from the signal the ECM is getting to run gauges, but those are pretty expensive as you start searching around. In the case of square body trucks, as we've mentioned above, it take minimal time and money to just keep your stock gauges and have them work. Therefore for little money you still have properly working gauges and can still pull data from the OBD2 port with a cheap scanner