First things first - try changing the oil and filter - i reccomend a genuine motorcraft filter, and Silkoline Pro-S 10W/50 - this shoiuld give you a hot idle of between 20 and 30psi at approximately 70 celcius oil temp.
At the moment, i'm using Pro-S 5/40 as the weather has been freezing, but the hot idle never goes below 20psi at 850rpm, and fast running (above 2500rpm) is always between 55 and 60psi when hot