I agree that something is probably restricting oil flow at the oil pickup screen, or some excess wear on the bearings. I haven't had an oil pressure problem with any of my many 302's. They all came with the identical OEM oil pump, like Jamie said they basically always work and would not lose much pressure or volume over ages of miles.
I have run all kinds of oil viscosities in my Fords, from the 70's 10/40W to the tried and true 20/50W, and the late model 0/20, 5/20, 10/30, 10/40. My last 95 Crown Vic had some valvetrain noise long after a valve spring broke, I'm sure the Know County Sheriff's department abused the engine, thus sold it at 98k miles. I tried various oils, including 20/50W for one oil change, nothing really stopped the mild noise, but the thicker oils helped a little more than nothing(the OEM recommended 10/30W).
So for the 302 which is built like all SBF's have been, they do not require late model super thin oil like some modern engines do(variable valve timing requires specific viscosity). You can use anything you want to, I'd suggest a synthetic 10/40W to see if it helps at all with pressure. That Marvel Mystery oil is great for some cleaning internally, but it does thin the viscosity, change the oil now and see how it does.