Oil level has nothing to do with oil pressure. As long as the oil level is up to the bottom line as a minimum or higher, then your engine has all the protection it needs. I'm a qualified auto-technician with 13 years experience (but I'm no longer a practising grease monkey

) and I wouldn't suggest anything that would not be good for your motorbike.
Let's think about why the CLUNK occurs in the first place.
You pull the clutch in, the clutch disengages the crankshaft from the gearbox input shaft. BUT the oil that our clutches sit in creates drag between the clutch plates. This drag in effect acts like the clutch not quite being in all the way and so the gearbox input shaft is actually still spinning. When you select 1st gear, the input shaft (which is rotating) engages with the ouput-shaft, thus connecting the engine (via the clutch's frictional rotation) to the driveline. The drag in the clutch plates obviously won't be sufficient to actually move the bike forward (well not far anyway) but it is enough to suddenly take up all the drive-line slack inside the gearbox and in the final drive (chain/sprockets etc). The result is the CLUNK that we all know and love.
Now I'm guessing that by holding the clutch in for a few extra seconds, it allows the shaft to stop spinning (or at least slow down) as the friction of the gearbox shaft rotation overcomes the friction of the drag of the oil around/between the clutch plates. A lower oil level would cause (slighlty) less frictional drag on the clutch plates which perhaps assists in allowing the input shaft to actually stop turning (or slow down) before engaging 1st gear.
I'm no engineer but I think my concept is reasonably correct.
But let's not forget that this noise doesn't really hurt anything or indicate a problem. It is inherent in the design of our motorcycles.
My suggestions are just to assist those who wish to reduce the occurrence of this noise. Nothing I've suggested will have any adverse effects on our motorbikes.
Cheers - Tony