I would pull the sending unit and put a mechanical gauge on it before tearing into it. Yes, it socks but it will tell you the true oil pressure. does it have any noises? Tapping, clicking, rattle at certain speeds or start up? Does it smoke at start up? I dont remember about Chrysler but I know Ford had rubber valve guide seals that would deteriorate and crumble. They would end up plugging the oil pump screen with little pieces. Some would partially plug the screen back under the slosh baffle on the pump where you couldn't see it. It didn't matter much at low rpm but when it was run at high speed or you stomped on it oil starvation would happen. If it has bad valve guide seals it will smoke on start up as oil has run down the stems into the cylinder at shut down. Next start up and that oil gets burned and results in a puff of blue.
I had an F250 that did it. It started developing a faint knock at start up and gradually got worse. I caught it early and rebuilt the heads and did an in chassis bearing replacement. Not my most professional rebuild but as I said, I caught it before it trashed the crank.