Why would you want to block the oil sensor hole? Is it because there is another spot, looks, wiring? It seems to me that having a gauge is great if you happen to be looking at it seconds before your motor blows, but an idiot light catches your attention. Scenario, a cracked oil tank leaks all over your rear tire and just before you get off the hiway onto a nice curvy road the oil light goes on. Kind of happened to me except on a 2 stroke Kawasaki H2. No light but when I got off the hiway the oil cap had loosened and oil was all over the right side of the tire when I stopped for gas. I think especially for bikes with a dry sump they are a safety and mechanical red light.