360 engine sudden drop of oil pressure while cruising at 3200 rpm

Why not try to spin the oil pump with a priming shaft?

remove the distributor and distributor drive gear and try to spin the pump with a priming shaft on a drill and see if you can develop pressure...

^
What he said. Cheapest, fastest, and easiest thing to diagnose and eliminate FIRST before tearing everything else apart.

It's no guarantee that the OP won't have to tear apart something in the end, but it's an easy test that can yield information about oil pump health before going through the effort of dropping the pan.

-Kurt