On my truck, a second gen, the PCM controls oil pressure readings and the story of the PCM not showing accurate pressure is only partially true. I am guessing the same thing applies to the third gen trucks.
According to the service manual for my truck, the only time the readings are, in the words of the manual, "consistant with customer expectations" is when the pressure is below 8. 5 psi or over 109. 5 psi. These readings show the gauge in a preset position. All other readings are the actual pressure sensed by the PCM/sensor and shown accordingly. How accurate the gauge is, is of course another issue.
The low pressure warning comes on at 8 psi and the high pressure warning comes on at 109. 5 psi.
I am all for more gauges but what is the reasoning for the additional oil pressure gauge unless you don't trust the stock setup?