I'm buying it as a core and would be tearing it apart if I were to buy it. Are these things that could be remedied by machining? It's a 4 bolt long block for 200 bucks
If you're buying it as a core that's fine, those issues can be fixed. I wouldn't run it as is.
At a minimum, after you tear it apart, you'll need to get the block and heads magnafluxed to check for cracks. Oil pressure just doesn't drop off after time, something is worn which means the engine wasn't taken care of properly. My 95 tbi motor has 322k on it and 60-65 psi oil pressure still.
Any engine shop will be able to flux it and look it over. They will also need to check to make sure it can be machined to work. Some blocks and heads have very little tolerance, so if a head is severely warped from overheating, it may not be fixable.
Good luck with your project, though. Sometimes it's not about the $ but about the experience with the engine. When I was younger I'd buy old motors for $50-100 and tear them apart just to see the guts and figure out how they worked.