Actually, below-spec oil pressure is common on 2.9Ls due to a known design problem with oiling cam bearings. It can stay that way for a long time; it's not seriously low. 2.9Ls are also notorious for developing several different ticks. People seem always to blame lifters (and sometimes, they do stick internally, leading to air gaps in the valvetrain). But injectors tick as well, and the tubular fuel rail design seems to support waveguide amplification, at least sometimes. This is largely benign, just annoying.
Oil pressure spec is 40-60 PSI at 2000 RPM, fully warmed, but if you're seeing over 5 PSI at idle, you're probably OK. NEVER measure cold oil pressure; it is always far higher.
And here is what I think is really going on. YOU'RE LUGGING THE ENGINE and it's detonating. Anyone who powers a 2.9L at 1500 RPM needs to be forced to bore the block with their fingernails.
And FYI, 2.9Ls have adjustible valves, but they can't be adjusted correctly (with the engine running) because they are at the tips of the rockers instead of on the pivots like SBCs. Use it to tighten up nonzero lash, but DON'T overdo it. A loose valve taps a bit. A tight valve leaks and burns very rapidly (especially on the exhaust side).