People use that for their oil feed, but those are stainless braided lines. I'm not sure that I'd put a pressure sensor there. If you want to put a pressure sensor down low like that, why don't you look in front of the oil filter, right above the oil pan, at those galleys? One of those will be far enough away from the exhaust that you won't have any troubles. Those galleys aren't all easy to access, but I think that the rear most one wouldn't be too bad. They all have the same 9/32" square headed plug as the one that you circled, at least they do from the factory.