Okay, I spent quite a while just getting the old sending unit out, and was getting ready to screw in the fitting for the mechanical gauge and dropped it but it never hit the ground. My luck has not changed. So I was just about to go get another one from the store and thought I would just disconnect the coil and have my son turn the engine over while I watched the whole, which I did, and within probably 3 seconds there was oil coming up out of the hole so I am hopeful, but not convinced that it's just the sending unit but I am going to screw the mechanical gauge in and check it anyway before I buy the new sending unit. Just thought I would drop an update. Thanks for all the replies, even you Ted. LOL
Will update further when I know for sure what I have here.