Oil Pressure
The first thing Id want to do is verify the results with another
guage.
Why did you replace the guage in the first place? Was the idiot light
coming on before the replacement?
If another guage verifies your results then you probably need to pull
the crank and do a bottom end job/new bearings/turn crank. With an
engine as old as yours, and I suspect a lot of miles, you may want to
just go ahead and get a crate engine, because once you get that far
into an engine for a "fix" you may as well, in most cases, rebuild the
entire engine. Either way you are probably looking at an expensive
fix. If perhaps the engine isnt using oil/plugs burning clean/ you may
get away with just a bottom end job for a good long while, thing is by
the time the crank bearings need to be replaced, the rest of the
engine is just as worn and a quick fix of one symptom is followed by
the need for another.
You may prolong the bottom end job by using a heavier guage oil and
perhaps use some STP or other engine oil enhancement. No guarantees
there, but it can and does help in some cases. The guy who picks up my
trash has an old Ford POS pick up truck, and the oil pressure guage
reads zero on it too, still drives it every day...engines are like
tires....you never know when they are going to go.
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