It might, but I don't think so from your description of the behavior.

I had similar problems with my oil gauges (as well as water temp indications) and here is what I found:

1. Clean off the firewall connector. I had Nevada alkaline mud (which started as dust, blew through a slight shower onto the firewall) packed onto the firewall connector that was the cause of some crazy gauge readings -- like the oil pressure went negative, the engine temp max'ed out.

2. The round connector that goes into the instrument cluster -- I find that there are many gauge problems that come from intermittent connections in this connector.

Check the oil pressure sending unit with an ohmmeter with the engine off, the engine on at idle and then at high (> 1500 RPM).