Yes I did do that, I used a membrane from a Solex moped fuel pump but any such material would do fine. It's the round part removed from the thing that I needed as your probably understand. Quite an easy job to do.
It's actually quite easy to take it apart. You have to get hold of the black indicator thing and pull while wiggle it a little and out it comes. For the inside parts you need a pair of pointy pliers or something you have to make yourself. Nothing complicated. With both mine the spring was rusty and broken and I had to make new springs. I made these from a guitar string
I guess anyone with access to a decent machine shop could make a good repro of these scarce indicators. I had intended to get some made but, as with many things, still on the back-burner...
These indicators disappeared rather rapidly on WD BSA's, during 1940 I think ? No doubt deemed an unnecessary fitting....and on the M20 a rather exposed component inviting damage from a spill or carelessly placed ammunition boot....
I think that Norton were the only manufacturer to continue to fit an oil pressure indicator button throughout WW2 on the 16H and Big 4 (although the item was deleted on later production WD Big 4's). Arguably, the pressure tell-tale on the 16H, being internal within the timing case, is far less prone to accidental damage than the external BSA component. I know that on the 16H, the tell-tale works well, popping up the moment the engine starts....
When ticking over, the tell-tale indicator bobs up and down nicely with the beat of the engine, a bit like a small boat on the water...:o)
I made a reasonable replica of the oil indicator..it's not too complicated. I didn't actually need it for my (later)bike, it was just an interesting project, so I gave it away ultimately...Ian