I would go for the sender first. Guages are vary basic, so little to go wrong. You might find there are some electrical gubbins in the loop though which could also be causing your problems. Best thing to do is see if you can get a cheap one and swap it over from a spares or repair donor.
For what its worth I dont trust my oil pressure gauge either so asap I will be fitting a sandwich plate and aftermarket gauge. Its something I really dont want to be guessing at.
HTH
Mike