1984 Ford F150 leaking oil from oil dipstick, oil pressure low

You're oil pressure is just fine. Yes, it's on the low side. Low oil pressure is generally a sign of either the wrong viscosity or worn Bearings (Cam, Crank and Mains). You may have Valve seals that are failed or gone completely. It is possible that your engine is old and tired and the Rod and Main Bearings sling so much oil that the oil control rings can't handle it all. Was your compression test results from wet and dry tests? A Cylinder Leak-Down test will determine the condition of the Rings in this case. One last thing I can think of for oil consumption is the Intake Manifold Gaskets. You can count on changing them out every 4 or so years. The heads are cast and the Manifold is Aluminum so the expand and contract at different rates when heated and cooled causing the gasket to fail over time.

The readings were the same for the wet and dry test. I have 10w30 oil in the engine (thanks to jiffy lube :P), but I want to put 20w50 in. The engine seems to run fine till it warms up over 190 Fahrenheit, then it's sluggish until it hits higher rpm's. (It also makes a squeaking/chirping noise if I floor it. It's not the belts, I've checked) It's odd. I'm not sure if this will help, but the valve lifters tap as well...