Not an expert here at all, but it seems to me, that changing the gauge probably won't solve the problem.
If indeed, you have the right amount of oil in the engine, and you have proper oil pressure, then the problem is somewhere in that circuit.
Could be the sender (which you replaced it seems), the gauge, the wiring, or the ECU (if so equipped...)
Maybe an intermittent short somewhere in the wiring that's triggering the oil alarm?
The reason I'm thinking it's not the gauge, is I don't think a faulty gauge would cause the SLOW condition you spoke of. Gauges are usually just an indicator. Not decision makers. (to turn on SLOW)..
To me, that would be indicative of an issue between (and inclusive of) the sender, and the ECU (or whatever controls the alarm and SLOW mode)
Heck I could be wrong... lol Like I said, not an expert..
I guess I'd be looking at the whole system (wires, connections etc...) and try to find where the real problem is before spending that kind of money on a gauge not knowing what the problem really is.....
Probably not a whole lot of help there, but that's my thoughts...
For whatever that might be worth... lol