I found this gizmo today with about 3in of wire cut off the top. left side of pan . book says oil level sensor. can I forget it as long as I remember to check the oil occasionly?

 

Yes. It basically turns on the idiot light on the dash when the oil level is low. Keep check on the level, and things should be good. It comes in handy if you were to lose all your oil from a line break and not notice.

 

I'd check it frequently (every gas tank fill up), not occasionally. You're asking for trouble running without it. Your engine burns about a quart of oil every 1K miles, give or take. Good luck!