I would first replace the oil pressure sender because it is the easier thing to do and add oil and look for leaks. You may be burning it so during the next start up look for blue smoke indicating valve guides and seals problems. Then during a roadtest look for hard accel blue smoke that could indicate rings problems. You do have 220k miles after all. I would do a compression test if you see that smoke under hard accel. If you get any cylinders with at least a 10-15 psi difference, do a wet test on the low cylinders. That just means squirt a little oil in the low cylinder and run the compression test again. If the compression comes up then that means the rings are bad/weak and the oil in there helped seal the rings and compression came up. It can still run fine with either of these problems but when you pull the plugs, for compression test, check for burned oil on the ends/tips. Check the coolant for signs of oil sludge and check the oil fill cap for the sludge. If the sender does not fix the pressure reading problem then you may have the oil pickup seal leak that there are many threads about here at the forum. Time for some basic diagnostics.