EDIT ! Alvyn beat me to it lol

that slilcone on the pick up pipe is sealant from (probably the sump)
that COULD be whats causing your low pressure

tell you what mate, i would take a look at your bearings while you got it apart,, if the oil pressure has been that low,, it might not be such a great sight I know, cos ive just done exactly the same with mine tonight
having sent my oil pump back to cosworth



4x4 oil pump looks like this mate/