"If both oil pumps failed for a different reason, let's say 'sods law' and the shaft is in perfect working order, I am assuming the emlube would have been actived and functioning correctly as before, in this scenario would we have had the 'fail' indication? Or is the fail indiaction purely a symptom of the shaft failure?"
My dear Sir. I'm struggling to answer your two questions with one word.
But to your "in this scenario would we have had the 'fail' indication?" my answer is "Yes" because the pressure switches are still faulty.
To your "is the fail indiaction purely a symptom of the shaft failure?" my answer is "No" because the shaft driving the pumps is inside the gearbox and has no connection with the external emlube system.