I think you are correct. Today I finally got around to testing the pressure with a good testing gauge. I removed the oil pressure dual switch at the head and connected my testing gauge there.With the transmission in park and the engine hot (I let it run at various RPMs for about 15 minutes to get the engine hot), here are the results:
idle (about 800 RPM) ---- 0.5 to 1.0 Bar
1000 RPM ---- 1.0 Bar
1500 RPM ---- 1.5 Bar
2000 RPM ---- 2.0 Bar
2500 RPM ---- 2.8 Bar
3000 RPM ---- 2.8 Bar
3500 RPM ---- 3.0 Bar
4000 RPM ---- 3.0 Bar
4500 RPM ---- 3.0 Bar
5000 RPM ---- 3.0 Bar
Then I immediately removed the oil pressure tester and screwed in a new dual Oil pressure tester rated at 0 - 5 Bar and 0.3 Bar. After starting the engine back up the VDO oil pressure gauge agreed with the oil pressure tester readings, and of course the idiot light blinked at idle.
As I mentioned in an earlier thread, the engine has a new oil pump, new main bearings, and the correct oil filter. It has 20W50 oil.
Do I have a serious problem, or is the idle speed just too low? I can rev the engine up to 1000 rpm and the oil pressure is within specs and the idiot light does not blink.
Thanks for your response.