I have a 2003 225 Optimax
and recently had the sensor go in the tank
(mine also is a low hour older motor)
I bought the entire oil tank assembly
the check valve came with it
(tank, sensor, cap, line, check valve)
It fixed my problem as well
There is a procedure for testing
1) make sure the on board tank is full
2)if full drain some oil out of the tank (I used a large syringe)
3) start the engine on the hose and watch for the oil to rise in the tank. tank cap must be off
4) if the tank is filling the oil pump is good and time to test the sensor
5) disconnect the wiring harnes from the sensor connector
6) create a jumper with a piece of wire and jump across the engine side of the sensor wire
7) start the engine and run on the hose to verify no alram
8) replace tank assembly
9) fish repeatedly