This is an issue I've found very frustrating... Engines with low oil pressure or wide swings in pressure have problems. At the very least it could be a sign the sender is headed south or there is some other electrical problem. (Never trust a dash gauge. Always use a known good mechanical job for testing work.) On the other end the engine has major wear or a marginal oil pump.
Mobil 1 has a very low pour temp and usually won't cause a bypass to open thru out most of North America. Crude based oils can start thickening quite a bit as high as 30F.
The Bypass Valve is in the block OE Fiero motors and any others using PF47 or PF52. Some motors have them in the filter. The bypass is usually set to open with about 7 PSI drop thru the filter media. To open the valve the oil has to be cold or the filter really dirty.
I'm not sure if more OP senders are between the filter and pump or after the filter. I think most are before the filter because a blocked filter/bypass or a bad pressure regulator could cause the filter to leak or even rupture. For that reason, you want to know if pressure in the filter can is too high. (Just a reminder... Oil flows into the filter can, thru the media, and out the center hole.)
Even if the sender is after the filter, Most oil pressure sender and guage sets don't have enough resolution to see a 7PSI change clearly if at all.
In either event I doubt sender position is the problem. The reality is that low OP means something is usually wrong... It can range from stuff getting worn out to internal leaks to a bad oil pump to a bad pressure regulator. I've long felt many of the responces to low oil pressure being normal or acceptable are people living in denial.
Oil pressure is regulated, usually by a blowoff valve in the oil pump. It should not change greatly durring engine operation.
Normal oil pressure for the L4 is listed as 36-41 PSI. The V6 is listed at 30-45 PSI.
A few PSI swing is one thing but when you see constant low pressure or big 20-25 PSI swings you need to look into it.
------------------
No good ever came from dark and spooky. Norville "Shaggy" RogersThe Ogre's Fiero Cave (It's also at the top of every forum page...)