Does this oil line look correct?

No.

It should be like the bottom one in this picture.
The top one is the one that was on my car and had a cracked crimp fitting that was leaking.
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Are you guys talking about the same line? The 365GT4 2+2 SPC shows item 10 as being:

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which looks like fitting -to- banjo bolt in the middle -to- fitting so see how that matches Ak Jim's photo (where one flexible leg with swagged fittings was replaced with hose clamps as a fix), but don't see the middle banjo stuff in Al's photo?

 

Sorry for any confusion.
Mine is for a series 1 400i but the hose should be of this type as it is the engine oil feed to the engine and under pressure.
If that hose lets go it will make a big mess of the engine.

 

These are argus fittings. These were widely used in Porsches. Some guys are making repro collets, but be careful as we've got small diameter hose with big thread, so the fittings parts may have to be mixed. You could also buy a used hose and salvage the fittings.

The rubber hoses were made by cohline.

See https://www.ferrarichat.com/forum/threads/oil-cooler-hose-size-supplier.632476/#post-147607896

 

Here is what the collet looks like (with new Cohline hose)

Normally you slide the collet over the loose hose, then you screw the fitting within the hose. Th fittingg is slightly threaded, and the shape is slightly conical, so the more you screw the fitting the more it compresses the hose against the collet. Really nice design.

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If you have a new hose made, it must be "clocked" exactly right to face the source and destination fittings. There is no rotating these hoses. When I had my long hose made the shop added an extra compression fitting so I could clock the hose myself.
Ken