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Ray,
The slotted threaded rod secured by a 3/4" locking nut in the fuel pump corner of the engine is the oil pressure regulating valve. You do not want to remove that threaded rod under any circumstances.
There is a brass screwdriver-slotted 1/8" pipe plug located just above the oil pressure regulating valve that can be removed to install the oil pressure safety switch. If you can't get that plug to turn, you can install a 1/8" brass "T" fitting ahead of the oil pressure sending unit located just behind the flywheel housing in front of the carburetor flame arrester and install the oil pressure safety switch in that location.
Don
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