It is at the rear drivers side corner of the cylinder head just behind the intake manifold, has one wire with a 90 degree elbow on it.
If you have it out it might not be a bad idea to put a manual gauge in there with a tee, the stock sending unit is just a switch to ground, anything over 5psi is supposed to put the gauge in the middle. My gauge hasn't worked right in years for some reason or another but I put a mechanical gauge in years ago and I have all the oil pressure (25psi idle and 50 high rpm, more when cold).
Some of the Limas of that era (early aluminum oil pan) had oil pan gasket or sealant get into the pickup tube and plug it off and lose oil pressure which is why I recommend checking it with an actual gauge.