If you don't care about your factory oil pressure gauge then you can just put the new oil pressure sending unit (I'm assuming electric gauges here) where the current sending unit it. Its on the drivers side of the vehicle, on the side of the block, towards the front.
If you want to run both the factory (which is just an analog idiot light.. shows good when its > 5psi) then you will have to make a t type manifold so you can hook both sending units up at the same time.
Now for the coolant temp gauge.. There is lots of debate about where to put this. Personally I like putting it in the flow of coolant that is always flowing, even if the thermostat is not yet open. On the last 5.0 I installed a coolant gauge on we put it in the heater hose as it comes out of the head. Your '98 should have a heater control bypass vavle which means the coolant flows from the intake to the water pump all the time BUT make sure you do have a heater control valve there. If you don't you can always add one.. You need the coolant flowing through that hose.. They sell a sending unit adapter that you put into that hose OR you can make your own. I've used both and both work fine.
As for gauges.. you have tons of choices. I don't like running fluid into the cab so I tend to use electric gauges. You could use isolation tubes and mechanical gauges but that gets expensive too..
Grab a Jegs and Summit catalog and look through the gauges to find one you like the look of. I tend to try to stay with 270 degree sweep gauges and the 90 degree sweep gauges seem to always look cheap.
ok, enough rambling...
~Mark