All the oil pump is is two gears that turn and move oil, I was taught to call them IMO's for I move oil. They will pump at inifinate pressure, we used them to charge 50000lb hydraulics for our stern planes, rudder and fairwater planes. The pressure is regulated by the size of the tubes, how fast it passes thru the motor, etc, if it gets too high from say a filter clogged or plugged the bypass kicks in to bypass the filter. Your 40lbs is not high but from your description I'd first clean the contacts on the plug, then if that does not fix it get a new sender. Also make sure they sell you the correct sender, there are two types, a sender and a switch type for the idiot light.