Lehman Oil Pressure
"Is the low oil pressure a problem?"
No way to know with out replacing the gage with a QUALITY mechanical gage AT the engine.
S-W has fine 270deg sweep gages that will tell the tale for about $50.
Temporarily install the gage , chart the oil pressure at start with cold oil and then again at various RPM's underway. The warm , cold difference is valuable information
A set of shooters head gear makes the Hell Hole more comfortable for the min spent reading the gage.
Electric "remote" gages are really only fancy IDIOT lights , not very accurate .
For accurate remote gages get Murphy Gages , which are mechanical.
When you have the numbers call Bob Smith , he may need to send you a crank , and rod bearing set.