Yes, it can. It measures the engine oil pressure and if it fails, the pressure can come through it losing oil.
Yes it will cause your car to have low oil pressure. Anyone who has that problem needs to get it fixed. It also makes a mess and could cause the engine to seize if you lose all your oil.
oil pump/ main bearings/ severe oil leaks/
Too much oil in an automotive engine can cause high oil pressure. High oil pressure could cause blown seals and gaskets allowing oil to leak out.
YES
Cause low pressure oil pump
A worn out, tired, high mileage or abused engine could cause low oil pressure.
Oil level or pressure will not trip a check engine light.
low oil pressure is caused by, either low oil in engine or a bad oil pump
No it will not. Unless the oil pressure is low on the 350 engine. If you had good oil pressure in the 305, and the 350 don't then there is something wrong with the 350. Bad oil pump, engine bearings worn out, Oil pump pick-up screen stoped up. Things like that cause low oil pressure.
If the engine is not noisy then you have pressure. The cause is probably a failed oil pressure switch.
Pull over and kill the motor immediately when you lose oil pressure, failure to do so will destroy the engine.