oil pressure is already likely leaking off thru a worn pump with excessive clearances, a weak relief spring, or the main and rod bearings as rick indicated.. or thru the cam and parent bore in the block that is not easilly renewedwithout custom machined inserts.
i'd do what rick said.
1, stop the leaks, 2, get a new gauge.. do an oil change to a good oil like a 15w40.. if she's still real low.. you have a couple options.
whole hog rebuild.. or a poor mans job.
if she starts fine and has plenty of power, drop the pan and roll in new main and rod bearing shells fo the same size as came out. if you want more work.. rebuild the oil pump.. that may require a trip to the machinist.
if she's a lil weak, pop the head and hand lap the valves, and throw a set of rings in her.. lightly hone the cyls for crosshatching and ream the ridge at the top of the cyl to protect the new rings.
cost is liekly less than 100$ for the poor mans upper and lower, even including the pan and head gasket.
renew or stretch / measure the oil pressure relief valve spring to make sure it is not broke or too weak / short.
that all togher usually buys you a few psi oil pressure and compression.
6 psi minimum at 1000 rpm is the red line go / no go number many people used. i like to see double digits on a working N when it is at pto rpm though. 20w50 oil might get you there in a bad case scenerio.
realize that is a bandaid.. much as the quickie 'before lunch' upper and lower I told you about too...
soundguy