I have a 1941 half ton pick with a 216 ci engine with low oil pressure. At initial start up with the engine at 1500-2000 rpm, the engine oil pressure is 30 psi. As the engine is reaching normal operating temperature, the oil pressure gradually drops and levels off at 4-5 psi. At idle the engine is running with 1-2 psi. The engine looks like it has been rebuilt because I can see with a borescope through each spark plug hole, that the cylinder walls have fresh hone marks. The valve train has been worked on as well.

Is it normal for a 216 ci engine to run with such low oil pressure?