Oil Pressure Help!!

I recently put a new motor in my mustang. It is out of an 03 mercury grand marquis. About a week after I got the car running I noticed a light tap or tick which sounded like a lifter tap on the passenger side. I got the car tuned and decided I would fix that problem later. Now I haven't drove the car but once down the road and everything worked fine. The other day I go out to my car and start it up and give it a rev or two and noticed that when I rev the car up or I step on the gas the oil pressure drops. Now it doesn't go completey to the bottom of the guage but pretty close. I am kind of leaning towards a oil pump and lifter replacement at this point but was looking to get any other insight from anyone else that may have had a similar problem. let me know what you think.
 
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Just wondering HOW you are measuring the oil pressure. Because if you are using the stock dash gauge, are you aware that it's really an analog idiot light? The position of the pointer has no meaning at all.

The Mustang's stock sending unit only has two settings. Below 6 PSI or above 6 PSI. So if the stock gauge is dropping down this means the oil pressure is VERY low or there's a problem in the sending circuit itself.

I would highly recommend confirming the oil pressure with a good gauge before making major repairs. It sure would be a shame if this was just a loose connector on the oil pressure sender or a bad sending unit.
 
I am aware that it is just an idiot light. It shouldn't be dropping at all though. Tried a different cluster as well. Same results. I run 5w20 mobil one synthetic in it. What is the best way to check it with a mechanical guage without spending the money on a guage setup?