Bypassing the overboost switch has not caused me any problems. It has been this way for a few months. I have not been able to boost over 10Lbs under any condition, so you should be fine, too. I would rather have a boost gauge than a switch that could fail and cause me issues.

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1991 F250 super-cab 7.3 IDI. (rebuilt by me) Banks Sidewinder turbo, hydroboost brakes, new IP and injectors.
2003 S430 - 107K
1983 300SD - Tanoshii - mostly restored ~400K+.
1983 300SD - Good interior. Engine finally tamed ~250K.
Monark Nozzle Install Video - http://tinyurl.com/ptd2tge