Not sure about 997, I have a 993 RS assume the principles are the same.
With about a large amount (15 ltres) of oil in the dry sump system in a 993, it takes a good run (20 minutes) to warm up. This expands the oil, raising the level in the reservoir, and makes it less viscous so this is the best time to check oil level as it all stabilises more quickly. After 20 minutes - let the engine tick over for 20 seconds (eg at a red light) and read off the level gauge which should be about half way between max and min (or a bit higher if very hot). If it lies close to the red minimum - it will take about a litre of oil (but as this is 1 litre in about 15 in a dry sump system I dont need to worry about this being dangerously low). If you read the oil level gauge when the oil is cold (say after a minute from cold start and ticking over) you may see a lower level on your gauge - so dont top up with oil at this stage as it may be overfull when at its normal hot running temperature. The dip stick is quite tricky to read as it smears with oil, so I rely on the level gauge.
On oil pressure, I run Mobil 1 at about 4.5 bar hot, and hot tickover at about 2,5 bar although I understand it can go as low as 1 bar on tickover without worry.
Interested to know if 996 / 997 work differently (I presume they have less oil?).