That may be for a '7747, but the actual wiring COULD be different. No argument that it is wired up fairly similar to all other this vintage though, it looks about the same.
My interpretation of that diagram is thus:
440 OR feeds 12V to the ECM, oil pressure switch, and relay. Both pin B1 and C16. All agreed?
465(?hard to read) A1 on the ECM connector is the ECM control of the relay. I was under the impression fuel pump prime is handled by the ECM. Key is turned on, ECM commands two second pump prime, then off until it sees the distributor reference pulse. (DRP)
B2 on the ECM connector is indication to the ECM that power is being sent to the fuel pump. Thats proven by the statement at the ECM and by the fuel pump test connector, which if given 12V, runs the pump.
All wires leading to the fuel pump should be tan/wht.
Oil pressure switch is normally open, the only thing that can possibly close it in that diagram, is oil pressure. Since oil pressure takes time to build on startup, there is no way the switch is tied into startup with the relay and ECM working correctly. No argument, right?
I've seen it stated once (never backed up or proven though) that disconnecting the oil pressure switch on some application caused the engine to die. It is entirely possible that the fuel pump relay drive is timed in certain applications and just turns off after x seconds to let the oil pump switch take over, but you'd need to read the coding to see which ECM's operate that way. If it exists, it can't be too common, because the '165 and 730 ECM's both do not operate that way.
It would make little sense to do it that way in any application, but then again, so does not using an O2 sensor on certain EFI vehicles GM exported.
here's a post where JP86SS says the same thing, plus another diagram:
http://www.thirdgen.org/techboard/tpi/354015-whats-sensor-called.html?highlight=fuel+pump+operation+pressure+oil