The oil pump does wear, and as it wears the output volume drops, especially at low RPM.
The bearings also wear, and that is typically where low idle oil pressure happens.
As long as it has "some" pressure, and the low oil pressure did not happen suddenly or accompanied by new unusual sounds, you can get by for a long time without doing damage. Tractor engines have large bearing surfaces, turn low RPM, low compression ratios, and are designed to run under adverse conditions. As a rule of thumb, 10 PSI per 1000 RPM is sufficient. With that engine you can get by with even less.
Adjusting the relief valve will have no effect on idle pressure as you found. The relief valve only come into play when the oil is cold and RPMs are up. You may want to put it back if you know where it was.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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