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Original Ford Oil Pump use a Plug to keep in place the regulator spring, once I found an engine having low oil pressure and I notice it was caused by the plug, in someway it was moved back about 1/4" and of course the spring lost some tension...
ive had problems with the sending unit showing low or no oil pressure, after replacing the sending unit in 3 different trucks & vans Im used to seeing these fail. cheap under $10 at the parts stores
when i bought my six it had low oil pressure. turned out the oil pickup screen was clogged. to try and fix it without dropping oil pan maybe try heavy duty oil cleaner and change the oil a couple of times. just my 2 cents.
that's what i'm thinking
i and going to pull the pan hopefully during spring break between the 19 and the 26th to put a pan gasket on it so i'll check.
but i might have to wait till the following week because were putting up a fence and i might have to tow a bobcat with and auger bit on it. so i'll have to see if were going to do that first.