Thanks for the replies guys! To answer some of the questions:
Underdrive/undamped pulley? No its a stock pulley, but that is good to know!
Fresh motor? It's straight from a JDM junkyard.
Gradual decrease in pressure, or sudden drop? It's around 65-70 PSI on initial startup, then gradually decreases down to 7 PSI when the engine warms up. To the best of my knowledge it's behaved this way since I finished the swap.
Any internal repairs recently? Nothing internal. I did pull the oil pan to check on the strainer after finding that the oil pressure was low. Found that there was already an S14 strainer in place.
Racing it or moderate street driving? Very mild street use. Everything is stock aside from a FMIC. I've driven it maybe a combined total of 8 hours since the swap that I finished last year.
(Warning: possibly useless background info

)
I finished the swap last year around September. I had temp and vacuum gauges fitted but no oil pressure gauge at the time. The engine seemed to be doing fine, starts every time, very quiet. No knocks, no taps. I took it on the first semi-long distance trip. About one hour into the trip, I noticed the oil dummy light was flickering at idle. I had the car towed back to the house at that point and did the following:
-Changed oil (10w30 again)
-Fitted oil PSI gauge
-Confirmed low oil pressure. Fitted a mechanical gauge to confirm that the electric gauge was reading right.

-Pulled pan to check on strainer. Looks good and is S14 style.