replacing the oil pressure switch
 

Is it worth replacing the oil pressure switch (cheap insurance only $15-$20, if use genuine Honda), as it is difficult access normally if it goes bad; or is it Ok to install the original if the threads are sealed with Hondabond as the manual recommends as these switches are very reliable?
I'm in the midst of an engine rebuild (1996-F22B2) and the switch is very accessible at the moment.

Yes I would change it given the age. In the past year I have done at least 15 of them in the 94 to 97 generation. Be sure that the Honda Bond does not get in the port at the tip of the sending unit and you should be just fine. They are easy to do after the fact if needed, you just have to remove the oil filter to get the access, but if the engine is out then just do it.

You should be able to seal w/ thread sealant. Regarding replacement, these switches do occasionally fail, but pretty rare. Since access is not difficult w/ engine in place, suggest going w/ old part.

good luck