Originally Posted by David McCollam
Sorrry, guess that's what I meant. It had a varying intensity, bright to dim. This is I suppose was due to the resistance range in the sender for the gauge reading, if connected correctly. This is probably why the original connections were, one with a ring terminal and screw down and the other the spade lug.

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Standard "VDO gauge" sender range is 10-180 ohms and the idiot light is merely an on/off switch that is closed with no pressure and opens at ~7psi.
If you should connect the GT's OP sender wires up backwards, here's what happens:
When you turn the ignition key on, the OP gauge is at ~0 (switch closed) and the idiot light is brightest (10 ohms). When you turn the engine over to start it and the oil pressure reaches ~7psi, the gauge needle pegs (switch opens, infinite ohms) and the idiot light progressively dims as pressure builds (10-180 ohms).
That said, if your OP gauge was behaving normally and then your gauge suddenly pegs the next time you turn on your ignition key, the first thing to look for is a broken "gauge" connection at the OP sender, else the internal connection to the OP sender rheostat is open. Open OP sender rheostat connection is not fixable . . . time to replace OP sender, I'm afraid.