I am not too familiar with 305's. So let me ask this first;
Does what you have behind the distributor look like this?
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The bell shaped sensor is an oil pressure
sender and is only used to supply a signal that the dash gauge uses to move it's needle. It has no connection to the choke light.
The other sensor (the one with two prongs) is a pressure
switch. It closes when the oil pressure reaches around 10 psi. It can have one or two functions. One thing it does is supply power to the electric coil within the choke heater (this causes the choke to begin opening almost immediately after the engine is started). It's other function is to cause the LOW OIL PRESSURE warning light to illuminate if the engine oil pressure falls below 10 psi.
If you have factory gauges, I think we can assume that you do not have that "idiot light" - to indicate low oil pressure.
When i unplug the choke from the engine it turns off...
This is normal. The CHOKE light is grounded through the body of the choke heater casing. Unplugging it will break the circuit and extinguish the CHOKE light.
the choke light is staying on... &
I changed out the oil pressure sensor and now the gauge reads 0 and does not go up....
If you are certain that you have oil pressure and the CHOKE light is lit, it would probably indicate a bad
switch - not a bad
sender. Unfortunately it sounds like you changed the sender - which as noted above - only drives the oil pressure gauge.
Try a new oil pressure switch and see if the CHOKE light goes out when the engine is started and oil pressure is established.
As to why the dash oil pressure gauge suddenly stopped working after you changed the sender - that's anyone's guess. Double check your wiring connection and look for a broken lead to the sender.