Trumpy, centering those washers is KEY!!
Crusty, the banjo bolt is basically a hollow bolt with holes in it that goes into the case. The pressure gauge oil line fitting goes around that and it allows it to see the pressure. Basically pics up a "signal" of the oil pressure. The one we are talking about is right on top of the flat part of the motor JUST behind the cylinders. Under the carbs. The stock one gets replaced with a taller one to accomodate the stock oil line and the pressure gauge line.
I know I'm over explaining it for now, but if you want to go down the roll-your-own road, or whatever, let me know, I've got some spare parts.