Here is the official Packard word from the 54 owners manual. Virtually the same statement is given for all years and models that used a light. Some who have not wanted to see any flicker have resorted to a 6psi sender and in fact, that is the recommended sender according to one auto parts site.
While the light will still come on at a complete failure one downside to a sender that does not indicate until oil pressure falls below a low 6 psi could be that by the time the light goes on in case of a problem, the pressure could have been running lower than normal for a long period of time and you would have had no warning.
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