Steve-I think most would tell you that anything above 250 degrees is getting hot. I have oil and trans coolers on my car and it never gets above 215 even on the hottest of days.
As for the oil pressure that's a tough one. My car never gets below 35 PSI even in the most aggressive of corners( have baffle mods and oil return mods) but not only do you need to analyze oil pressure but you need to make note of when you are on and off throttle. Your pressure will drop in a corner if you are just entering and have been on the brakes. I have a Motec data system in my car so I can analyze my pressures and see the corresponding throttle percentage and usually when it's low I'm off the throttle.
I think that oil pressure info is good with the gauge you installed but may not completely tell you what is going on. What it will be good for is if you are in a long banked turn and can see it you can see where your pressure is at. Topless and Tstone are probably better resources than I but that is what I know......
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