That fitting would work. You might want to use the street elbow type like this
http://www.summitracing.com/parts/AER-FBM2031/ and then tee to the (2) gauges under the dash, less clutter under the hood.
I installed a 1/8" pipe nipple and a street elbow on my SBC to get the oil port up to where it was more accessible. Kind of a b i t c h to access down in that recess under the distributor.
You could use the one down by the oil filter, but if you are running headers and or a clutch the space down there is just as bad, or worse.