3020 1964 Diesel

FWIW, I don't have a 3020 manual at hand, but have a SM-2039 for the 4000 series on this 'puter.

Engine oil pressure "spec." for 4010 and 4020 is as follows: Oil pressure at 1900 RPM, 25 to 35 psi.

Your 3020 has a $$$ engine "balancer" that will be unhappy with low oil pressure at some point, but i can't tell you what that number is. Balancer bearing wear also can contribute to low oil pressure, AFAIK.
 
Where did you get the gauge? Is it calibrated? Did you check the pressure with an actual calibrated test gauge? Some of this off shore stuff isn't much more than cosmetic.
 

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30 psi warm oil 2100 rpm it?s easy to adjust if you need to
 

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