Thanks for the quick answers guys. I bought this thing about a year ago with 160K on it. I don't think it was beat on intentionally as in driven hard or offroad, in fact I doubt it ever went offroad, but who knows how it has been maintained and it may have gotten beaten just by being treated the way 75% of people "take care" of their cars, if you know what I mean.
It was a daily driver for an older women who drove it about 20 miles a day, to and from work, for the most part, her husband claims he always had it professionally serviced, but I can see a decent amount of sludge up in the valve cover, on the rocker arms, then again it's 20 years old. It sat for about a year before I found it, I put a starter in it and it started right up, once it ran for a while I found some other minor things wrong and fixed them, a new coolant bootle, replaced all of the PCV lines, some brake work, and the distributor was cracked at that little ear that comes off it to hold it down, as well as the hold down fork being cracked in half, so it was leaking oil pretty bad from there. Pulled the dist. welded the hold down ear back on and got a new fork and gasket, and it's good as new, no leak at all and nice and tight now.
I have put about 1,000 miles on it since I got it running, and it has given me no problems at all. I always kind of thought the oil pressure should be higher and then a couple of weeks ago I was in a brand new Wrangler with a 4.0 and noticed the pressure was much higher and also fluctuated from idle to any higher RPM, mine just sits at 20psi all day long, maybe drop a little when it gets real hot in traffic in the summer, but mostly sits at 20. I am using 10w-40 in it and haven't changed it yet since I have only put 1K on it. I would never use 20w-50 in any car, it's just way too thick to get where it needs to be.
I will replace the sender on it first and see where I'm at. There is plenty of oil running all over the rocker's in the head when I look through at idle, so I'm assuming I have decent pressure, but I guess I'll find out when I replace the sender. Should I see fluctuation from idle to higher RPM? Thanks.