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I have a 82 F150 with a 302 when I start it it reads 40psi on the oil gauge and after it is warmed up it reads 15-20psi when I am at an idle stopped at a traffic light and only goes to 20-25 when driving down the road about 50mph
the engine has 120,000 miles on it and I got rid of the Ford gauge and put in a autometer oil pressure gauge. The engine runs good but I just worry if the oil pressure is getting to low I never hear any noise from the engine like it doesn't have enough oil just the pressure drops when it is hot
As spoken above, this is somewhat normal in an older motor. You probably have a little bearing wear which causes clearances to open up when the motor heats up and the metals expands. It could run quite a while yet. Just listen for knocks as time goes on.
Superdave
94 Ford Aerostar XL 3.0L
82 Ford F250 4x4 XLT,400 CID,C-6 A/T,8700lb GVWR. Black & Silver