Compression Check low oil pressure Now What?

IMO I'd run that 318 til it dies. Awesome, it has good compression. Here is the real question, how much time and money do you want to spend? I wish I had kept my 318 stock instead of spending money on simple parts, wanting more, and then junk a great engine for a 360 that a bad machinist touched. I think I'll put that 318 back in. I read in a mopar engine manual that they should call an engine flush "instant rod knock." Change the oil and filter frequently if you really want to slowly desludge a motor (not if its an extreme amount of sludge), maybe use a light solvent like seafoam or hell even a little atf. Use cheap oil and change it a LOT. Be sure to monitor oil pressure more than normal. And try a different oil pressure gauge (mechanical)