Yes, try a new sending unit first, it's cheap and easy to replace. Do that before panicking.
Considering the mileage, the bearings have probably clearanced themselves and there will be some pressure drop. As long as there is some oil pressure at all times, you'll be fine. If it drops to zero at any time, then that's another matter.
AFM Site Administrator
Member: Mustang Club of America #82740, White Mustang Registry #362, NMRA, Fun Ford Weekend, Mustangs of Burlington
MOOG Certified Technician
For mods and sound clips, see profile and gallery.