What I've found on older worn engines is that when the main
bearings get worn to a certain point the oil pump can't
maintain sufficient pressure. I've got an old truck [not an
Imperial] that reads 60+ psi cold and 5 psi hot on the
aftermarket gauge.
--Roger van Hoy, '55 DeSoto, '58 DeSoto, '42 DeSoto, '66
Plymouth, '81 Imperial, Washougal, WA