Not exactly a common conversion, as most people seem to like the mechanical gauges better.
I'm thinking that the cleanest method would probably be to remove the banjo, and install either a shorter stud or a blank spacer on the long stud. Then drill & tap the oil filter housing for your new sender (assuming it uses the common 1/8 NPT threads).
A simpler approach might be to source an adapter that would fit onto the existing hard line (probably a compression fitting) and mate onto your sender. Something like this might do:
http://www.mcmaster.com/#5220k32/=axppn3but I would want to also support the sender against vibration rather than just let it hang on the hard line. Or maybe you could mount it right next to the original tube support on the fuel pump.
Maintenance Issues
