Your oil pressure are fair and will be better with 10W40 or more. New, you would see more at running speeds. Idle should be above 6 -7 psi or so to keep the idiot light from coming on, IIRC. And, gauges are not all that accurate, so take your gauge numbers +/- as much as 15%. The oil pump is probably worn some as well as bearings worn some too.
Yes, the cam can stay in. You have to get the front cover off, and that is tough to remove and then seal up well if the pan is not also off. So think about lifting the motor some with a jack and blocks, or some sort of support across the top of the car; be careful so that it does not fall while you have your hands and arms under there! And you can clean the pan and pickup out and swap pumps if you like while under there; they are not all that expensive. You'll need a damper puller and a tool to reinstall it.
You can check the movement of the cam while you rotate (Bop? BOP?!? What is this 'bop' stuff? LOL) the crank back and forth by looking at the spark rotor on the distributor; the distributor shaft is geared directly to the cam. As far as the crank will rock back and forth without moving the spark rotor, that is the chain slack that you have. Even 3-4 degrees slack (which will retard that cam almost that much) will make the car run doggier than new, and the more slack, the poorer it will respond at low and medium speeds. So that is another bonus to putting in a new timing chain and gear set.
As said, put in some MMO (or Seafoam) in the oil to see if that will clean up the noisy lifter check valve(s). Maybe do that now before you change oil weights. Change the filter too after that, in case it loosens up some crud. (Not that there is always a minor risk of loosening up too much sludge.) If that does not do it, there are ways to look at each lifter with the intake off while rotating things around, and see which one(s) have the weak/stuck check valves. (It gets in deeper and deeper, doesn't it?)