Lou,
Thats exactly what I was thinking. An oil sending unit would probably work perfectly, and it wouldnt matter if it was oil or water. As for the mounting, yes I could sweat in a copper T and then a pipe fitting into that, that the sensor would screw into. I could always use the electronic sender that converts the pressure to a reading for you, but again how do you get that data to display in Premise, or other HA software applications?
I dont know that it would rust, if it wasnt exposed to the air. Ive never taken apart one of those sensors, but I would assume they would have stainless steel, or aluminum parts or something else in them that wouldnt rust.
Your profile says you have 1-wire. Is there a 1-wire device that can take a 4-20mA signal and convert it to something that the M1G will understand? If so, Dwyer Instruments sells pressure transmitters for about $65 that would work.
An M1G zone can be defined as analog (type=34), which means it will accept a 0-12Vdc signal and convert it to an analog value. You can then set up rules that are based on the analog value. It looks like an analog zone cannot be the "target" of the "whenever" part of the rule (it won't show up in the dropdown list of zones). I can only get it to show up in the "and" part of the rule. Download the M1G manual/pdf and do a search on "analog". Very little info, but it is there.