BigJim has part of the answer, but not enough. the 8 psi needed to trip the oil sending unit (so the gauge jumps to normal) is enough to run the engine at idle, or a bit above. However, this is nowhere near enough oil pressure at higher rpms. The Ford spec for this engine is 40-60 psi at 2500 rpm. When I was building big block Chevys, the general rule was 10 psi per 1,000 rpm, which meant that to keep the engine happy, you needed 60 psi at 6,000 rpm. If the oil pressure gauge is steady at idle when the engine is hot, you are probably OK, but the real answer is to put in a real guage. Otherwise, if you want a little insurance, run a bit heavier weight oil. My 3.0 has 100K miles on it, and I'm running 10W40. Running fine. The 5W20 recommended by Ford was done to squeeze a bit more mileage for the CAFE standard, and for easier flow for those people in too big of a hurry to allow the engine to warm up a bit before they run them hard. In my opinion, 5W20 is too thin for high mileage engines. On all my engines, I have switched to a slightly thicker oil around 75K, and I routinely get 200K+ miles out of them. My S-10 just passed a quarter million, and only uses 1/2 quart in 3,000 miles.