With the AFM intact and in stock trim, about 36 PSI fully warmed up and cruising is probably the average correct pressure.
How low are you talking about now, for a hot idle oil pressure?
A low hot idle oil pressure could be a little bit of everything. A little bit of wear on the cam bearings, the lifter bores, within the VLOM, and or a weak oil pressure relief spring in your oil pump. Maybe even the diverter that goes in the back of the engine, aka the dog bone. I can't say I've ever seen an oem one fail.
Your long-term intentions for the vehicle pretty much determine which path to take..... You'll need to decide before you start buying parts. If you want it to run another 100,000+ miles, start thinking about an AFM delete. Otherwise, I would probably put a new Melling 365HV oil pump in, along with a new VLOM.
And you always have to consider what else you might want to do since you're "in there"... Depending on your budget..... Like since you have the timing cover off and doing the oil pump, it's a great time to do the timing chain, tensioner, VVT solenoid, VVT actuator, and the crankshaft position sensor.