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I have a 92 5.0, when it starts the oil pressure is around 40 and seems to function normally, and then within 10 min of driving, slowly drops to 0. When im stopped and press the throttle the oil pressure goes up but never past 20 and when I'm cruising and press the Gas the oil pressure lowers and when I let off it goes back up, the faster I'm going when I let off the higher it goes, but again never past 20. Also just took it to the shop to make sure there's no junk clogging the system
Verify actual pressure with a reliable test gauge. If the pressure were at zero, the engine would be very noisy and likely would have locked up by now. . My bet is a faulty sender.
+1 for the sender
Verify the actual pressure with a rental gauge while the sender is out
That way you can sleep easy or prepare for a new engine someday
Here is mine, use one of these