So we're perfectly clear here the threadform used on the oil pressure sending unit on Toyota engines is a tapered pipe threadform. That's how it seals. Straight threadforms require some other form of seal.
M10X1 is not a standard thread. Toyota is pretty good at using DIN standard metric fasteners, they even use standard fastener pitches for Banjo bolts and specialty fluid fittings which is generally considered poor design engineering, but it makes sense from a manufacturing engineering perspective.
1/8 BSPT has a major diameter of 9.40-9.728 MM and a pitch of .907 MM.
You could tap an existing female 1/8" BSP hole to M10X1 if you did not know what you were doing.
To verify I just pulled the oil sender from 1FZ, measured the pitch at .9 MM, the minor diameter at 9.42 MM, took an 1/8" BSPT pipe plug from the hardware stock and threaded it right in to the standard 3.97 MM BSPT gauge length before it snugged up.
I hope this is educational for you.