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'right' is as described, but I understand wanting to do an in-frame if possible. Either because of lack of funds or proper equip to split the tractor. Either way, I would recommend doing a little more diagnostics first to determine the cause. That motor (if original block, 354898-R1/2) doesn't have cam bearings. If you know the history and the motor hasn't been messed with in the past, then check the plate on the bottom of the oil pump. It's common for them to warp and the gasket blows out between bolts (there goes your pressure). Drop the oil pan, remove the oil pump, mill the plate flat, replace the gasket and check for obvious slack in the rods while you are there just by rocking them with your hand. You shouldn't notice any slack. Put the pan back on and check your oil pressure. If the motor has been apart, another possibility is sloppy re-assembly. I've had 3 tractors in now that had the symptoms you described that turned out to be a combination of the oil pump plate and swapped bearing caps. The rods and mains are machined as sets and can't be swapped around. One (a C) had number 1 and 4 rod caps swapped (rod number is stamped on the cam side of the rod and cap, make sure they match). It was in process of spinning a bearing and was a real mess. Two others (M/SM) actually had 2 of the main caps swapped. They aren't marked, so a little harder to find and straighten out, but both had play in the crankshaft (notice by pulling on the fan belt, or gently prying up on the flywheel) and one had a major rear main oil leak. On both of these tractors, correcting the main cap locations, replacing main bearings, and flattening the oil pump plate regained the oil pressure. Those were both done with the crankshaft in-place. Further inspection is also necessary though if you find this condition. Depending on long it has been run in this state the rods will start to degrade from the extra stress on them (both large and small ends). So certainly plan on getting the rod bushings replaced when you do the sleeves (this is a good idea with crank problems or not). Hoping you find just the warped plate ;)
Stan(VA).
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