I have a 2001 grand limited 4.7 with a rebuilt engine with 10,000 miles I put on myself...had my sending unit replaced with my old engine and my pressure is the same exact way as yours. Never dipped that low with my origional engine. Used 5w30 at first until last oil change than went to 10w30. Seems the same for the most part. No problems / noises yet.
My oil pressure goes to 40 at idle and goes up to 50 while driving. I've driven a lot of older vehicles and that looks like normal oil pressure for an idling v8. It's my jeep that doesn't seem normal at 40... Maybe yours is more accurate. I wouldn't worry until it goes way way down.
People getting obsessed over oil pressure drives me nuts. What your seeing is normal. There are many variables that have an effect on pressure. Pressure in itself has nothing to do with protecting an engine. As long as you have oil FLOWING throughout the engine you have adequate lubrication. An oil pressure gage is a pi$$-poor method of monitoring lubrication efficiency....A flow meter would be required for that. Ignore that gage and enjoy the ride.