IH 2404 low oil pressure

Several possible causes for low oil pressure.

It can be an oil pump problem, that would be an easy place to start.

There is also a pressure relief valve, either in the pump or somewhere in the engine. If it is stuck open it will cause low pressure, however adjusting the spring tension will not raise low oil pressure, especially if it is low at hot idle.

And there is an oil pick up screen and tube. If it's clogged or sucking air the pressure will be low.

But the most common cause is worn engine bearings. Can be generally worn, a progressive loss of hot idle pressure, or something traumatic, like a failed bearing, especially if accompanied by knocking, glitter in the oil, or after being run low on oil.
 
That series of engines is notorious for having this problem. Many posts on this problem including some of mine. Search the archives.

Now the problem is most likely the pot metal cover on the bottom of the oil pump. They are known to warp and blow out the gasket.

Remove the pan remove the oil pump cover and check for warpage. Sand it flat and replace the gasket with a new one from CIH and unless your engine is COMPLETELY worn out this should fix the problem.
 

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