Hi Skip,
Definitely check/rebuild rocker arms first. You didn't mention reseating the relief valve plunger. Since the pump puts out so little at low rpm, even a SMALL leak here can make a big difference. All it takes is a little crud build up on the seat to create a small leak. Tap the plunger into it's seat. Turn it a bit & tap again. Do this a few times. Make sure that the plunger slides very freely in the block casting.
Make sure that you have fresh 20-50 oil.
You can pull the pump & check internal clearances. A new pump of the rotor type should have .002" clearance between inner & outer rotors, .003" clearance outer rotor to body, & .0015 clearance from rotors to end plate. If there are any score marks on the end plate, lap it smooth with lapping compound or sandpaper on a glass plate. If the other clearances are more than listed, replacement of the pump may help. Rotor type pumps tend to have less pressure for a given rpm.
For a new gear type pump, the clearances should be .001" between gears, .001" clearance between gears & body, .0015" clearance from gears to end plate.
Wear limits on the pumps would be about .001" more than the numbers given. This would be accompanied by somewhat reduced pressure. You would do well to measure the clearances in a new pump, as some rebuilders are kind of sloppy.
20 psi at 900 rpm would be reasonable, more would be better. Cylinder to cylinder compression variations of more than 10% might also indicate that the entire engine is worn.
If you pull the pump, check rod & main bearing clearances with Plastigage. They should show .001" to .002" clearance. A good chance to replace rod & main bearings if the clearances are more or if the bearing inserts show wear. Most of the inserts can be replaced without pulling the engine if you know the tricks. If the crank bearing journals look strange (obvious scores, roughness, or discoloration), it may be time for a complete rebuild. The only other source of low pressure would be the cam bearings, which require a complete rebuild.
If the upgraded pump has more capacity than the standard pump it could make up for some pressure losses. I'm just not sure what Moss means by "upgraded".
Make sure that the pump intake screen is not obstructed or the intake sucking air due to a leaking connection. The pump outlet connection could also be leaking, so check it also.
My experiences on a 100-4 (gear type pump) showed a 20 psi increase with the relief valve work, & an additional 10 psi increase with a new oil pump. All without going over 60 psi on a cold engine. This, with 85,000 miles on the original crank & bearings. It runs 40 psi hot idle & 60 max, hot or cold.
Last choice would be a complete engine rebuild but you might be able to put it off for quite a while & do nothing. With your indicated pressures I would not push the engine hard at high rpm.
Good luck,
D