I still think that's a great idea. Good work man. It will be interesting to see how easy it primes and and works and all when you are done.
For a comparo, the oiling system on my S2 4.1 on center has been modified a bit. It has the usual Dutt oiling system thingie with the side of the pan pickup with -12 line, goes out from an HV extended gears type pump to a huge Fram HP6 filter with -10 lines, runs through a 7 plate submerged cooler and comes back in to feed the side passage of the mill, and also tees there to feed the turbo and another feed line running to the rear passage of the block. We take the pressure reading at the rear. What I've found is that it primes very easily, especially compared to the stocker. In fact I couldn't really tell the last time that it was already primed, and sat there spinning the drill like a boob, wondering why it wouldn't prime, lol

I guess that implies that it has prolly freed up some power, taken some load of the cam sensor and just flat works better than a more stock system. Runs about 30-35 psi at hot idle like that (measured at the rear of the block).
Speaking of getting rid of the cam sensor, and since I have a few new ones laying around, have also been giving some strong thought to trying an MSD pro billet type distributor ignition. The pro would be I could use a regular old MSD CD ignition box with launch 2 step, etc. Con I can think of so far is- it might not even fit with all the inlet piping and all, lol

Who knows.
Just some ramblings.
TurboTR