I just changed the oil pressure sender this weekend - same reading: idle in the red zone going all the way down to almost nil with a hot engine. The pressure climbs out of the red zone at 2000 rpm or more but barely, still no valve or any other strange noises from this engine so far.
We are looking now for an oil pressure meter to read the actual oil pressure but, as far as things look right now, some serious engine work might be required

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LMP, we have a MANN filter now - the only one that can be found locally for this van in Europe. If ACDelco could change anything for the better I'll order it from the USA (along with a new set of connecting-rod bearings...).
Any idea where we should go from here:
1st engine oil flush to clean the oil pump pickup screen
2nd replace/clean stuck oil pressure valve
3nd oil pump repair kit
3rd replacing the connecting rod bearings
4th other options to consider?
Looking forward to your ideas!