Cindy, although your pressure numbers are on the low end, they are still acceptable. By all means, I would test the pressure with a separate gauge that is known to be accurate.
How long has it been since an oil and filter change?
A general rule of thumb for oil pressure is 10 PSI for every 1000 RPM.
The spring in the relief valve can lose it's tension over time, and allow the pressure to drop. The proper length of the spring is 1.53". Check the plunger and make sure the sealing surface is smooth and clean.
An interim fix is to shim the spring under the relief valve cap with a suitable washer. The relief valve is the long, hex looking item on the lower left side of the block, below the distributor.
Piston rings and gaskets have nothing to do with oil pressure, unless the gaskets allow all the oil to leak out, and, your engine doesn't have side covers to leak.
10 PSI at hot idle and 40 PSI at road speeds should be just fine. On the 1500 Spitfire, (same engine) the oil pressure warning light doesn't even come on until 3 - 5 PSI.
Hope this has cleared a few things up. Now I have to go out and finish assembly on a 1500 engine. /ubbthreads/images/graemlins/grin.gif
Jeff