You could also just buy a tee for the existing location, if it will fit. They make some odd shapes to fit in tight locations.
My experience with the oil filter location is that the hole might be bigger than 1/8 (what the port is near the distributor) and it might not even be drilled. On top of that, the way the block is shaped down there limits your installation of a sender, too many uneven surfaces. If putting a mechanical piece there to put a tube on, should be fine for that, if the exhaust isn't too close.