So, quick update on my weekend of work in order to close the thread. I purchased the items which I had referenced before (m thx for all the help on this). The sensor was a good fit and the tapered thread ensured a snug fit into the sump plug. The new sump plug came with a washer so I used what I was given. I jacked the front off-side of the car up fairly high to ensure I could get access to the sump plug. The existing released with easy and, using a drip tray, did a quick swap from old to new. I lost about half cupful of oil and job done..... and no leaks. I ran a single cable to the Oil Temp wires in the loom (which were close to the battery). Used the Black/yellow for the sensor wire and left the black (earth) unused as the sensor had a natural earth return.
Under the dash I located, tucked around the back of the fuse box, the corresponding end to the black/yellow wire and a green wire. I established the green was a live which became active when the ignition was on. I ran a separate new earth lead from near the wiper motor. So I had all three main power sources.
I cut a new hole in the dash (I had an existing small hole from a previous power switch to the left of the dash) using a template, a 5mm drill and some patience I cut a hole in the dash and filed until I had a perfect 52mm hole. The aluminium is easy to work and it took about an hour to get the perfect size hole. I decided to move the fuel gauge to the new hole so that the two temperature gauges are next two each other. The wires were long enough to facilitate this. I then removed the spade connectors on the small red/white and black wires for the backlight of the fuel gauge and added in two spur wires for the new oil gauge. An hour of wiring and crimping and all was good to go.
Did a full test this morning and everything works perfectly and the dash looks a thousand times neater with more information to hand. As I used a Caterham oil temp gauge and I managed to get the new hole in a perfect straight line with the other gauges (it's worth spending the time) it looks like it was always meant to be this way
So. very happy and a rewarding weekend of work. Thanks again for all the guidance.