I would borrow or buy another oil gauge that measures in small increments and see what it says before tearing the engine apart. Like I tell people do the easy tests first.
A new oil pump won"t help much if the cam bearings are worn. My "H" tractor I"m running 0.004" clearence on the rod bearings and my pressure is fine.
The one thing to check is the bottom plate and gasket on the oil pump. This plate gets worn from the pump gears and creates oil bypass or the gasket could be bad causing leakage at the pump itself. If the bottom plate is worn it can be sanded with some sand paper to get the scaring out then reused. I lay a piece of wet/dry sand paper on a very smooth service and put some motor oil on it then move the plate back and forth until the marks are gone. You will have to add oil from time to time during this process.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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