I've got a 4.3 that has low oil pressure. Like negative on the instrument cluster, LOL. Engine ran fine, so I knew I had "some" pressure. Mechanical guage revealed about 6 psi at idle in the middle of summer. I'm thinking it's the bearing clearances.
How low is your reading? Over 10 psi at idle is still okay. Hook up a mechanical guage. Don't even bother with oil pressure sending unit or oil pump until you know the actual pressure.
Now about the cam bearings vs rod/main bearings: both are wear items, but for some reason I thought the rod/main are more than likely to wear out first? Something about the power being transmitted from pistons to crankshaft. The camshaft bearings just sit there and spin and lift valves, which is not much compared to spinning transmission and wheels, no?
Of course, that's just my theory and in the real world theories get tossed out the window...