Frankly, it's hard to tell (assuming there's no possibility the readings are wrong). Some of the old Ford manuals specified the acceptable
oil pressure at 25-60 lbs @ 2000 rpm when hot and, as I recall, one of Barry R.'s Engine Master builds only had about 40psi during the dyno pulls. That said, here's what I would do: Change the OEM pan out for an aftermarket pan (just in case your HV pump is sucking the pan dry) and at the same time check to see if the driver's side galley plug at the front of the engine got left out. You check that by pulling the distributor and fishing a little bent wire down the shaft to feel whether it's there or not. If the plug was there and you still have the same readings with the new pan you might want to poll the audience on the Ford FE forum
http://www.network54.com/Forum/74182/ to see whether those numbers are low enough to warrant pulling the engine apart to look for other problems (bad plugs or cam bearings, for instance). Some FE owners have had luck with Lucas
Oil Treatment (others haven't) and you might see that mentioned. If you’re lucky, it’s that missing galley plug -- you’d be surprised how often it’s left out.