Compression Check low oil pressure Now What?

Contrary to some popular belief, oil pressure comes from one place and one place only. The oil pump. Main, rod and camshaft bearings do have some impact on the oil pressure, but without the oil pump getting a proper flow of oil from the pickup, the flow to the rest of the engine will be low. .

I get where you're coming from in reagrd to the OP's engine (high milage), and I agree on the intake side of the pump is critical and a problem in an engine that is filled with crap (old broken valve seals, sludge, carbon deposits, etc). I would agree that dropping the pan and replacing the pickup "might" help. But for the extra $30, I'd change the pump to an HV unit too. The drive in this type of application should be fine and I'd leave it unless and until higher rpms and heavy use will be the norm.

In terms of a mechanically healthy small block you're not even close to correct. The oil pump inlet on a small mopar IS the ultimate limiter of oil system performance, but you have to be moving a tremendous amount of oil (wide bearing clearances and sustained rpms above 7K) to even come close to the suction side being a limiter.