I agree with Bill on this one. Level sensor makes more sense. Hot or cold it will alert you to a problem. That's why the manufacturers use this method. I guess you could use an oil pressure idiot light sender but it will be on until the engine warms up and pressure gets above 7psi (or whatever the rated pressure is) which will tell you nothing on a cold start-up or for the first 15-20 minutes. Also if your radiator cap gets weak and purges early the light will never go out. Not sure if any later Gbodys had a level sensor in the overflow bottle but mine doesn't. You could probably adapt something like this
http://www.ebay.com/itm/ACDelco-3055285 ... es&vxp=mtr for use in your bottle by drilling a hole and using a rubber grommet.