Oil pressure is at 62 psi cold but drops to 8 psi hot
My '97 K2500 7.4L similarly has low hot oil pressure. Not as low as yours, though.
What is the best way to remove the oil pan? Laying under it, it looks like it's about a 5/6-hour job to R&R?
If this were me, and it sort-of is--I'd test pressure with a known-good mechanical gauge. Depending on what I found, I'd pull the engine rather than doing the entire job working on my back like a pros_titute. (Another word needs to be un-censored!)
That also gives me the option to replace all the semi-rotted core plugs/block heater, slap in a new rear main seal, perhaps a new damper/front cover seal/timing chain, and play with the intake manifold and distributor with the engine conveniently on an engine stand rather than me draped over the fenders. The danger is that with the front cover off, I might be tempted to change camshafts.
There's also easy access to the torque converter and converter seal, if either appeals to you/me.
I know better than to think I can get good replacement engine mounts, though.