Oil pressure will drop with low idle. What is it at when it's at near zero? Raise the idle to help with an old engine if need be.
What is the overall state of this engine and history? Miles on it, recent work etc. Has a timing chain ever been done?
Oil pressure should be checked with a separate gauge. Worn main bearings will drop it too low. Also possible the oil pump itself just can't do what it used to.
What are your intentions with this vehicle? Is this just a handy driver or a resto vehicle? That will matter on how you approach this,
T
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Tom Greenleaf - MetroWest, Boston