You are using the original dash gauge and the sender looks like the one I cut open in the thread I referenced? Assuming those are both correct...
A 'new' sender could well be the cause of your low reading. You say the pressure indication drops. Is it lower at idle or lower while you are driving? As the oil warms the idle oil pressure may well go down and some gauges, like ONE of my original ones, actually shows this drop although its a very subtle movement of the needle. The other original one works like an On-Off switch and rarely shows any change at all. If the pressure really does drop at highway speeds when the engine oil warms up then either the pump isn't putting out enough oil or you have excessive clearances, like in the main bearings(?), which requires more oil than your pump can supply. At decent RPM the oil pressure should be the 55 psi set by the relief valve on the pump.
Because of the problems I detailed in the other thread, you may need a 'real' gauge to see if this 'drop' is even real. Its easy to screw on a mechanical gauge in place of the stock sender and see what it reads. The thread on the adapter pipe is the same as found on most 2" mechanical gauges; they screw right in. The only problem with that is trying to read it while you drive.
