Many years back, a member of ours (Jim Allen) did some experiments with oil pressure and vis. He used his F150 with 5.0L and some credible aftermarket gauges. I seem to recall there was not a lot of accuracy in the stock dash oil pressure indicator. The aftermarket gauges (along with his data logger) gave some very good info.
IMO, stock dash gauges are good at indicating oil pressure is present, but not necessarily accurate to any degree worth getting excited about.