To find an original version of this gauge will be difficult in the extreme (because they were only fitted to 12/2 engines, by the time the 16/2 was introduced, they were no longer fitted due to a cost reduction drive). However sourcing a modern equivilant item should not be difficult.
The reason for the valve is to protect the gauge, as the oil pump pulsations would otherwise quickly destroy the Bourdon tube in the pressure gauge. When starting the engine you only open the valve for a few seconds to check the oil pressure on start up, once oil pressure has been established the valve is used to isolate the pressure gauge from the constantly fluctuating pressure source.