The truck obviously has oil pressure or it would have been knocking and rattling worse than a diesel engine if you had it idling for 5+ minutes.
That dash gauge as well as all but the fuel gauge are just glorified idiot lights they give no true readings other than high, normal and low. There's absolutely nothing in that gauge that means anything really. The oil pressure gauge in my 88 F-250 would sometimes drop to zero while driving, idling, just randomly and of course that would illuminate the "check gauges" light in the dash. Truck ran and drove just fine, just some quirky sensors and gauges.
I installed an aftermarket gauge cluster for temp, oil pressure, and voltage because those gauges in the dash of my 84 B2 never worked anyhow.
My grandfather's 93 Ranger 4.0L was always noisy in the valve train even after having a bunch of work done to it. If the oil pump pickup screen was clogged you would certainly notice very fast as the valve train noise would only get worse not go away. You have oil pressure just so cold the gauges and sensors aren't working so well.