Oil Pump vs Engine Wear question ??

Most likely a combo of wear everywhere with that number of miles. That light indicates pressure dropping below 8 psi. 8 psi where the sensor connects means lower pressure in most of the rest of the engine. I would not hesitate to put in a new standard pump while in there, just to keep things lubed as well as I could while waiting for the new engine; 1-2 years has a habit of turning into 3-4-5 years! It does not cost much. Also, check the hex on the intermediate shaft, and replace if the corners are rounded off at all. If so, put in a hardened shaft and sell it later.

BTW, what weight of oil are you running?

BTW#2, a Sealed Power std pump is $31 + shipping from RockAuto...