A turbo or supercharger are basically compressors that push air under pressure into your engine. The more air that can go into your engine and be compusted the more power you can make. The oil lines are needed to lube the device because they move at about the same rpm speed as your engine so they need oil just like your pistons do. The oil cooler would be a good source but there isn't one on an M50.
Jon K:
I would definately get your oil supply from the pressure sensor, and I would more than likely put the return straight to the pan. These are tried and true methods that you can't go wrong with. I would hate for you to try something else and blow your s/c, or even worse your engine from sudden pressure loss. I know it seems scary to tap your pan, but its not as bad as it seems, just take your time, maybe practice on some aluminum of equal thickness first.