If the compressor is starting to go, you can also get high pressure on the low side and low pressure on the high side.
At that many miles, if it's the original compressor, would not surprise me.
Here is a really good link to an Autozone Diagnose Common A/C Problems web page.
http://www.autozone.com/landing/page.jsp?name=diagnose-auto-ac-problem
Read through that page and use the "next" button. It's pretty thorough and if you do all of that, you will very likely know what is wrong and how to fix it.
You will also probably know if you want to tackle it yourself...or not.
If you don't want to spend the time learning to diagnose with the manifold gauges, or don't feel comfortable doing that (and I wouldn't blame you...this is a specialty area) , then I would recommend taking it to a good AC shop (who specialize in AC) and have them do a diagnosis. Should not cost very much and it will help you decide what you want to do.
Best case, It might only be the compressor clutch slipping (which is cheaper to fix than a new compressor) or even an AC belt that is too loose or slipping at higher RPM.