I would still recomend putting a manual pressure gauge on it to test and be sure. If the seal in the sender is bad, the oil will leak faster through it when it gets warm, dropping the pressure signal to the gauge itself. Not to mention the fact I have replaced several times the oil press./temp portion of those peticular dash setup. Although it is very possible the bearings or pump is bad, better off knowing for sure.
I agree w/Jersey.
btw, did i miss somethAng here?.. Is the gauge an original "gauge" or an aftermarket?
bec. the original "gauge" is not the old "real" variable resistive style oil pressure gauge; it is the switch type;
read this article; by Jamie at asashop.org