:assume that because there is oil on the stick that all is ok. Do not run the engine untill the pressure failure can be diagnosed. :The usual procedure is to bypass the dash gage with a mechanical test gage and do a short start/run (several seconds here) of the engine to see if that gage has pressure. If a positive result then the factory gage and or the sending unit is defective.
I would like to see this engine opend up to check for signs of lean conditions or oil failure. For now I could only guess wich of the two it may be. My understanding is the engine was just "refreshed" as far as rings and bearings? Not to sure that any other internals were replaced at that time. As far as rebuilding a vg30dett in N.M. that is not a problem, it has been done multiple times in the past with no problems. I would also agree on an aftermarket mechanical oil guage be installed. In this case I think the buyer and seller should both be in talks and have an agreement reached before this car is worked on.