Do you get lifter/valve train tapping noise at idle after engine is warmed up?
If not I would try another mechanical gauge or check the gauge tube for air.
Air in the line would give false low reading at low RPM as it absorbs pressure more than oil, similar to spongy brakes when you have air in the lines.
Under 3psi should give you tapping noises.
Rule of thumb on oil pressure is 10psi per 1,000RPM.
So 25-30psi at 2k RPM is OK
At idle, 600-700 RPM, there is only 6-10psi
Oil travels from the pan to the pump and then to the filter, from the filter it goes to the main passage, which is where oil pressure is measured, and then to the bearings and lifters(valve train).
Oil pressure is the back pressure from the volume of oil being pushed through the bearings and lifters.
Common cause of low oil pressure is worn bearings that allow more oil to pass, and this happens as engine gets older/more miles, but shouldn't be happening on a rebuild.
The oil filter can restrict volume which would reduce back pressure, high flow filter might be worth a try.
Cracked pickup tube for the pump can reduce the volume going to the filter as its suction is reduced.
High volume pump may be pulling too much oil out of the pan, so same as cracked pickup tube, it loses suction as oil level drops, this is a long shot, lol.
Check oil level when cold then after running the engine for awhile shut it down and then check oil level.