I think the shiny metal flakes you saw in your oil were probably remnants of the old oil pump. You showed images of it and have seen the damage on the rotors, correct? Now, I would have to speculate a little here. First of all, the oil pump is before the filter, so any crud that might have been in the oil pan would have hit the oil pump and destroyed it first. Second, any crap from that event would have then gone into the filter. Of course, if the filter was old and clogged, or full of debris from the event, then the bypass could have allowed unfiltered oil to circulate through your engine, and prematurely worn your bearings.
Other factors can lead to premature bearing failure, including extreme service intervals allowing acidic compounds in your old oil to attack the engine's internals. Or pro-longed periods of sitting with old oil, also allowing acidic compounds and moisture built up in the old oil to attack the engine's internals. As far as you know, has this bike suffered these issues? Of course, there are other potential causes, but I think these are the most common.
Have you tried running 20W50 oil? Does the oil light stay off when you run 20W50?
Someone on your other thread (was it 754?) mentioned that the bearings on your 750 could be changed from the bottom. I'm not familiar with that engine, but can the bearings be accessed at all by dropping the oil pan? If so, then maybe plasti-gage them and see what the clearances are. I know of no other way to tell the condition of the bearings. Sorry.
Also, if the light stays off, but the oil gauge is reading low, I'd be a little suspicious of the gauge. Haven't you already replaced the oil light switch and still had the problem, so you know the switch is good, right?
Could it be that the over-revving you did cleared a blockage of some kind of sludge in one of your oil passages? If it were my bike, I would assume that to be the case, and I'd keep riding it. Maybe I'd add a quart of kerosene to the oil, let it run for awhile to flush any "sludge" out of the system, drain and refill with fresh 20W50 oil.
Then I'd remove that darned gauge, and ride the crap out of it until I had some reason to believe there was a bigger problem. Worst case, it is your bearings, and they will continue to get worse. So, at least you get some riding pleasure out of it before you have to do the job. Best case, you never notice the problem again!!!
That is the plan, but even if I replace the crankshaft and bearings, you don't think it'll fix things?
The pressure is great when the engine isn't fully warm. Works exactly the way it should. Of course it's probably due to the fact that oil is still thick.