oil preasure issue , need help!!

if i had less than 10lbs sitting at a light , at around 800 rpm, i would be a little worried, but thats not to say that it wont live. i think that your clearances would be more suspect than a worn out oil pump. but, either way, it may live for a while, but i would start thinking about another motor or a rebuild. at least keep that in the back of your mind.