anvil said:
I've always heard you need at least 10 PSI per 1000 RPM. You should be fine.
Exactly...
But there are a number of reasons for drop in oil pressure - worn bearings, worn pump, bad filter, bad bypass, etc...etc... If it just one day dropped all of a sudden, I'd look at the bypass spring - it may have broke or came out. But while you are in there looking at that, you might as well put a new Melling oil pump in! DO NOT buy a cheapy down at Vato-zone. Get a good one or you could have additional problems shortly down the road.
Also, be careful with high volume pumps. If you don't change the pump drive, the HV pump could sheer it and cause the pump not to work at all. Also, some engines have problems with draining the oil back to the pan. With a HV pump, that could creat problems there as well with either oil never making it back down and causing the pump to suck air or oil to come out your breather or etc.