I would almost guarantee its the oil pickup tube O ring. This is an issue on every single 5.3 and 4.8 GM made. Its an easy fix (4 wheel drive is more difficult) once you get the pan off. Just remove 3 bolts that hole pickup tube, replace O ring (be sure to oil it) and reinstall. Just had to do this a month or so ago on ours (171K). Started noticing oil pressure when cold would sit around 20psi. Odd seeing how its entire life it idled at 40psi. Dropped pan, replaced O ring, replaced pan gasket. Now she idles at 40psi and runs just under 60psi while driving. It also helps lifter tick if you've noticed any. Replacing that O ring just helps oild the engine better