Hi Ace,
My story is somewhat similar, but the low readings are no where near as low as the 2 psi that your seeing. With 2 psi i'm assuming your oil light is coming on ??
I start mine up, goes to about 70 psi at cold. Ride for say 10 mins, drops to about 60 psi. Rides around at 60 psi consistently for about half an hour after that.
After a good 30 to 40 mins riding, the oil pressure starts to drop to 40 - 45 psi nominal under a constant hot oil temperature. At this temperature mine idles with about 18 to 20 psi, sometimes coming down to 15 psi. I have my idle set at 950 rpm.
So I can only attribute the description above to the oil thinning out at normal running temperatures since the readings drop consistently with the engine & oil heating up.
I havn't done any clutch basket mods, nor have i touched my oil pump seals. This will be something i'll do in the next year or so as per described in the other thread.
I have a VDO gauge (non oiled type) that looks similar to yours. I was told by the guy off ebay not to get the one your've got because they don't read accurately. I can't testify to this, but just what this guy told me. Could be BS, dont know.
My guess is that if your oil light is going off, then you are seeing below 5 psi or whatever the pressure switch is calibrated at, otherwise your gauge might not be that accurate at the low end of the scale. Just some thoughts.
I'd say try 20W50 and see if that fixes it, at least in the summer anyway. Hondaman suggests 15W50 should be the minimum as the top end chews up the oil.
After 1000 miles (1600 kms), I've noticed that my gear changes become very combersome & difficult at operating temp and this I found to be true at around the 1600 km mark. I ran Motul 3000 15W50 which is just mineral.
I'm going to run 20W50 in the summer and 10W40 in the winter & stick with 1000mile oil changes. Something like that anyway.
PS: If your seeing 85 psi at cold, your oil pump spring relief valve is likely ok. You mentioned that you replaced the o-rings as well. Sounds like you have a fairly normal running bike, but it would be interesting to know what the condition of the bearings are out of interest if you know.