Old engine overhaul/replacement advice

Your engine has a lot of hours and years since O/H but all Continentals run low oil pressure. Have you had a compression test done? Your oil usage is not excessive as they will blow a certain amount out breather tube. Doubt you would see more than 5 or 10 increase in pressure on O/H engine.

Hi there,  I recently bought my Ercoupe and since I got it I have been having low oil pressure issues and I have been talking to some of the mechanics around my area and they all suggest doing an engine overhaul or replacement. I wanted to reach out here and get some more advice before I commit to anything big.  My engine is a C85-12F with roughly 1760 hours since its last overhaul in 1963 according to the logs but it had a top end overhaul in 2019 at 1602 hours. I am using Aeroshell W100 plus with camgaurd and try to keep it between 3.5 and 4 quarts. The engine consumes about 0.5 quarts of oil every 3 hours, its oil pressure will drop below 30 psi if the oil temp gets above 170 degrees. At 170 degrees it will sit between 25 and 30 psi, at 180 degrees it will sit at 25 psi, between 180 degrees and 200 degrees it's just above 20psi. Also in a dive I have seen a slight drop in oil pressure. During the summer months at cruise settings around 2200 rpm the temp will sit around 180 degrees. After flying a week ago with an outside temperature below 60 degrees the oil temperature was able to stay below 170 in cruise and the pressure was at 30 to 31 psi. I've replaced the oil pressure gauge and tested it against an air compressor and it reads accurately.  Anyway I have considered buying a C85 to replace this engine, getting an O-200 and doing the Alpha aviation STC but that might cost more than the plane is worth. Also I have considered using an oil cooler, or using a thicker grade of oil.  Has anyone experienced a similar issue? Thanks in advance!