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Jim W is right, 5lbs is pretty low!! By all means check your relief valve and spring, but do not adjust the spring pressure to increase your oil pressure as you will reduce the flow!! You can get 'new' rotors for the oil pump for the Standard engine, but I don't know about the Continental engine - so can't comment. The main wear in an oil pump happens where the rotors are in contact with the top and bottom of the pocket they sit in. Over time what is called the 'head clearance' at the top and bottom of this pocket increases from an ideal 0.00075 inch to around 0.005 inch or more This means that a lot of the pumped oil just gets squidged around inside the pump, and 'leaks' between the rotors due to reduced pump efficiency. Get new rotors if you can, and then remove the pump body completely from the engine. Then either have someone machine the face of the pump body down to get the clearance in the pocket back, or do it yourself very carefully with a large carborundum block, turning the body between strokes so that you keep the face square and true. Don't go for less than three quarters of a thou clearance - you need to leave room for an oil film to lubricate the pump - otherwise it will sieze with catastrophic results. Then check your oil pressure again before doing anything to the main bearings or big ends. If they aren't making complaining noises they are probably OK. My oil pump was in poor condition, and I thought I'd do the mains and ends as well - they didn't need it, and the engine was on its original set. Not bad after 52 years!! Mind you, my oil pressure was then 10lbs warm. Finally, don't worry too much about what the gauge says, they never were that accurate. With modern oils the important thing is FLOW of oil as the inhibitors will help to prevent too much damage. Someone said to me that if you slacken off the union for the pressure gauge with the engine at quarter throttle and get a spray of oil, then the pump is doing fine. If you get less than a spray, start to worry.
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