Any idea how many miles are on the engine? One of the biggest culprits associated with low oil pressure in that engine is worn/worn out cam bearings. Main and rod bearing wear contributes, of course, but usually to a lesser extent. Pump wear is typically one of the last factors to enter the equation..BUT, you can often gain back "some" pressure by installing a new pump, especially if you install a high-volume pump. Of course that then puts added strain on the pump shaft and distributor.....
There is one other common problem you'll find on older engines....oil pump pickup screen all clogged up with bits of old cam sprocket nylon and crumbled valve seals.