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If it's too cold to work on take it to a decent mechanic and have them put a mechanical gauge on it and get a real reading. It could be the sending unit that's giving you the odd readings. Also, at one time back in the dark ages, Ford had a 'constant voltage regulator' in the dash could also cause 'wandering' readings on an oil pressure gauge.
Do the simple things first before tearing into things like the oil pump.
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