yes, that's where the oil pressure sensor goes. i'm not used to looking at that space with a carb car, there is a lot more room there than on an injected car with the C tube intake manifold. for a water temp sender, you can replace a single one with a VDO sensor with 2 tabs or you can put on the newer thermostat housing with multiple sensor holes. you will find that the 14mm sensors are harder to find than the 12mm, but luckily there are more slots for 12mm sensors.