Yes #3. Low oil pressure can be:
- worn out oil pump. Unobtainable new, a good one may be found used.
- worn main bearings. Should be available but engine has to be disassembled.
- missing oil restrictor(s).
- cam chain really loose and cut through case inside to oil gallery
- plugged oil pickup screen
probably other things as well.
The oil pump has two rotor sections, a small one for transmission lube and a bigger one for the crank and valvegear. It's relatively easy to remove, disassemble, and inspect. The larger one will show some damage (they all do) but unless it's really gouged to crap it should still work reasonably well. The end clearance is "adjustable" by machining the case or cover to make it tighter. The rotor internal and external clearances are not reworkable. No internal parts are available, the pump has been out of stock for 10-15 years. There was a member here from South Africa I think doing rebuilds with non-stock rotors that increased the flow but I don't think he's still doing that.
You can remove the sump and check the pickup screen. They can get so clogged with gunge that the pump is starved.