Well Mike, you are kind'a correct, but without an Oil Temp. gage, an EGT and a BMEP gage, (and a "Flight Engineer" ) all you are goimg to do, is loose the engine "well informed" Truly if you are driving your Miata and doing engine wear management at the same time, you are loosing out on a lot of fun. With over 122,000 miles on my '91, I can say that the oil pressure gage reads about the same is it did 100,000 miles ago. I am sure that there is wear on the engine parts. The last time I had the intake manifold off (to polish inside and out) the tops of the pistons looked good and clean. The valves looked clean and the spark plugs were clean and the proper color. The tail pipes are clean and dry. When I changed the timming belts last month, the cams showed no wear or galling and the oil (changed every 3,000 miles) looks good. SO, turn the key to the right, put it in gear and go drive. :-)
Yes, a oil pressure gage will tell you if you are going to loose the engine, but its going to go with or without the true gage reading :-)
Bruce RED '91 (10,000 hour comm. pilot and old "flight engineer) :-)