Assuming this is your stock dash gauge readings?
Like they said, you're still in the game. It's low, but not dangerous until it gets below 10 psi per 1000 rpm. Though it sounds as if you're pretty close right now.
BUT, do you know for sure that your gauge is reading correctly? You should confirm it with a temporary mechanical gauge of some kind. I have a hand-held gauge my Dad used to use, with a simple rubber tip (like a compression gauge actually) that you simply held tightly into an oil port while someone turned the key.
Not too convenient, but at least it's a "second opinion" on your dash gauge.
Your wiring is 34 years old and so is your IVR. Your dash could be getting a bit rusty and not only would your IVR not be getting a good ground, but the same goes for the rest of the dash and gauges. How do all your others read? How bright are your indicator lights?
Bottom line, when new and on your stock gauge, your engine would have registered 65 to 75 psi when cold, and usually no lower than 40 to 45 when hot. Even at idle.
Mine read in that range it's whole life until about 160k miles, when it stared to dip a few pounds. A little more when it was hot. With a recent rebuild on an 86 5.0 with HV oil pump and reading off the stock gauge still (but with a new wiring harness) he's getting 80 psi when cold.
That's with a stock dampened gauge though. When running an aftermarket mechanical gauge, your pressure will go up and down with rpms practically like a tachometer.
So check your wiring, IVR output, grounds, sending units, and whatnot. Double-check with a separate mechanical gauge to see what's really going on, and go from there.
Like they said too though, no ugly noises coming from the direction of the engine compartment is a good thing. Helps you sleep at night.
Paul