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My 272 in my 1956 F100 has low oil pressure, and before I tear into it, I'd like to explore the possibility that the cause is a warn 50-year-old oil pump. What are the odds of having a warn oil pump? Can I just drop the cover and install new rotors?
There are rebuild kits available for the pumps, but there isn't a whole lot of price difference between them & a new pump. New pumps are available in either gerotor or gear styles...some people prefer the gerotor. They tend to have a smoother, less "pulsed" discharge...reputedly...though the location, size, & design of the intake & outflow ports are probably more of an influence than the actual pump itself.
As far as wear...quite possible...and as long as you're gonna get messy, I'd pull the pan & clean it thoroughly, with new gaskets, etc., & the rocker covers, & clean the drainback areas in the heads. You might be sucking air at the pickup-pump joint, or the pickup may be full of sludge.
If you've got 10-15 psi at idle with a reliable gauge, & 30-40 at speed, I'd call it good, all things considered.