the oil is used to release pins in the lifters thru a 2nd oil port in them to go into v4 mode. the oil dead heads into the lifter. it's not much volume of oil either way, the afm oil issues are when seals start leaking internally at the vlom o'rings wasting oil. but technically in 8 cyl mode afm lifters don't get anymore oil than standard non afm lifters because the vlom solenoids are closed and not supplying oil to the release port.
the vvt uses oil as hydraulic fluid to constantly move the cam in relation to the cam gear.. it's said to use quite a bit of oil volume for that..
the factory service limits for oil pressure are crazy low. they are on this site somewhere, but if memory serves, it's like 7psi hot idle in gear. you're fine.
if you don't remember where you got the sensor, it's worth grabbing a new one without a screen from a dealer or a trusted source. but never Amazon, I'm convinced that "acdelco" sensor is a fake, or old bad stock. something ain't right with it.
and then read your pressure with a scanner. the dash gauges are not very precise