Get a mechanical oil pressure gauge hooked to the engine so You will know that it is or is not the gauge in the dash causing the oil pressure drop or if it actually the oil pump going bad, which could also make a squealing noise.
My 93 GMC, 350 V8, dropped about 15 PSI on the dash gauge, I dropped the pan, replaced the oil pump and now the oil pressure is back where it used to be, about 50 PSI cold and about 40 hot.
I think I should drop the pan and install a set of .001 under size bearings though as I think the bearings is getting quite worn too, with 251,000 miles in the engine and have not had a head off yet.
I did have to replace the leaking intake manifold gasket once though, it too was making a very slight squeal and was also leaking prestone on the front corners of the intake gaskets.