I would find a better supplier for your hose. No excuse for that hose failing this soon. Be sure the hose is tightened free of torsional twist. We have seen many hoses cut as the engine mounts shrink, one of the pulleys cuts through them. If this is the case replace the mounts also.
If the first sign was the oil pressure and you actually saw it when it first dropped then your engine should be alright. I can't tell you how many diesel motors we have redone due to the fact that there is NO light warning. I'm sure I have done twenty motors where the driver claimed to pull over as soon as he saw the pressure. Usually what happens is that the motor starts to sound or feel a little different and the driver looks down and there is no pressure and they pull over. In this case 100% failure rate.
Owner 24 bay BSC
Bosch Master, ASE master L1
26 years MB technician
[This message has been edited by stevebfl (edited 05-10-2000).]