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That might be a little on the low side, but it should be just fine. It's probably about par for an older engine with a little wear. I wouldn't be too worried until it drops off to nothing at hot idle.
low oil pressure like this usually means the rod and main bearings are slightly worn. my 78 351w runs 40 psi at cold start up. runs 30 psi warm at cruising speeds, and five psi at hot idle. my 64 ranchero has a fresh 289 that runs 50-55 psi at cold start up, and 40-45 psi any other time hot or not. my351 has A LOT of miles on the stock bearings. hope this helps......my .02
All the above is good info. Only thing I would ask is are you running a mechanical gauge or the stock Bronco gauge? The stock one is just a hair above an idiot light. My stock gauge vs mechanical gauge is about 20psi diff. and not linear. The mechanical does not vary near as much.
I figured I would update this for anyone searching.
The problem turned out to be the gasket on the intake manifold. The old one was not cleaned off properly and it caused a failure with the new one, to the point it was mixing oil and water.
It's since been fixed and it runs better than ever. We had been told it needed a new carb, or even that the whole thing was going to go out at any minute. Since it had a new carb we tried another mechanic that specialized in them and he found the problem and fixed it with a day or two. (verse the half a dozen other mechanics that found nothing over 2 weeks each and claimed it to need a full replacement)
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.