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You may have real problems that can only be fixed with an overhaul, but there are a few things to try, if your engine generally runs well. Your main and rod bearing clearance may be too large due to wear. This usually shows up as low oil pressure when RPM's are low and oil temperature is high. I would try heavier oil--40wt or 20w50 and see if the problem is better. Another option that I might try is STP or Motor Honey, though lots of people look down on those products. these schemes have kept vehicles working OK for me in the past. It might work fine for a long time using the thicker oil. Warning: they start much harder in cold weather with heavier oil. Another possible problem is a nearly worn out oil pump. Again, if the engine runs well and your compression test is fine, I would consider opening up the crankcase to check bearing clearance with Plastigage. If the clearances are a bit large, I would consider putting new bearings in, if none of the bearings look like they have been really wiped out, but just have fairly even wear. This is a judgment call that you can not make without opening up the crankcase and looking at and feeling the bearings and crank journals. You also have to remove the inserts to see what undersize to buy. It is, of course a band-aid fix. While I had it open, I would add a rebuilt oil pump in any case, as if you decide to overhaul the engine, you will want a new pump anyway.
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