Hi Mike,
A couple of things come to mind for me.
1) What sort of gauge are you getting your readings from – electric or mechanical?
2) Oil pressure regulating valve adjustment – does it need resetting with a proven known reference pressure gauge?
3) If electrical, transducer may be failing and giving your faulty readings.
I know you had an oil pump failure so lets start with the basic.
Install a mechanical gauge if you don't have one and prove what the oil pressure actually is.
Check out the oil pressure regulating mechanism – maybe a weak spring inside ?
If these few don't help come back and we can thrash it around a bit more.
Let us know how you are making out – nosey people want to know 🙂
HTH
mariner