And how often does this happen? I've had a couple of head gaskets fail in my life, and both times the first symptom was overheating. I suppose you can get a massive oil leak, but a massive coolant leak seems more likely. And even when oil pumps were driven off the distributor gear, gradual failures were uncommon. With todays crank driven pumps, it is much more likely that an oil pump failure will be sudden and in that case the light is as good as a gauge.
I haven't had any sort of significant engine failure in over 20 years. The last time I had one was a 1978 Fiesta with a 140,000 miles. I managed to burn a piston (clogged EGR, and drving flat out for 35 miles). I have a 35 year old Dodge dump truck with an unknow number of miles (well over 100,000). The only thing that has failed in the oil system is the crappy electric oil pressure gauge.
For you it seems like a reasonable thing. You understand what gauge movements mean and you pay attention to the gauges. I am suggesting that you are the exception. Most vehicle owners don't pay attention to the gauges, and when they do, they often misinterpert them. It must really upset you that car makers are now installing computer controlled temperature gauges. The gauges appear to move like old style gauges, but actually the needle position is determined by the PCM and not the water temperature. Both my current Nissan and Fords have this sort of gauge. They are not completely go/no go gauges, more a sort of incremental gauge with the position dictated by the PCM.
I am surprised you don't have an old style ammeter. Voltage meters are OK, but to be truly useful they need to be calibrated. The OEM ones just have a few poorly located markings and by the time you figure the voltage is too low, it can be too late. Even with the poor quality OEM gauges, if you pay careful attention to the position of the needle you can determine that it is lower than normal, but again this is only useful for people who pay attention and understand what voltage gauge movements imply.
Most OEM gaguges are just for looks. They aren't particularly well calibrated and in many cases aren't direct reading gauges. It used to be that the Germans actually included calibrated gauges, but it has been a couple of decades since I owned a German car. I have no idea what the Germans are doing these days. In recent years I have owned Japanese and Domestic cars that use non-calibrated, poorly marked gauges that are no better than go/no go indicators.
Ed