Thanks for all the great replies and advice.
The PO did not have any paperwork on the new motor which makes it suspect. He did say it was a new motor not a rebuilt motor. The transmission was also new and was done at the same time.
He told me about the low pressure and said he had someone check it manually and it was at 15 psi at idel. I have a manual guague and will verify myself this weekend (hopefully from the oil filter housing and not from the sensor)
I did change the sensor and it did improve the guage reading especially at start up.
I hope it's not bearings, but if it is I'll just repower.
Again, I reallly appreciate all the great advice. Ya'll are great.
Even 15 psi at idle on a 30,000 mile engine isn't great.
A new engine would be something like a GM crate deal. They sell new replacements as well as performance packages.
As an example, my 6.5 diesel is new right from GM. It runs at 35-40 psi hot by 1500 rpm and will drop to 25-30 psi at hot idle (675 rpm).
Gassers are a little different, but getting around 10 psi at idle is pretty low. IIRC, the oil pressure idiot light is triggered at 8 psi.
I'm thinking the PO might have told you a little fib or something happened to it between install and sale....makes that "new" transmission suspect as well.
Not the most cheery news, but there it is.....