Oil Pressure Low. Possibly the Gauge?

[NW_Ryker]

Hey all, since I put in the new gauge cluster, my oil pressure gauge has always read low. Recently its gotten to the point where at idle and cruising speeds it hovers below the 1/4 mark. I keep a good check on the oil because of this, and it always seems to be pretty full. But tonight, as I was taking it for a little cruise, I heard a tick on the drivers side bank, it was rpm dependent. My guess is that the gauge was right and the engine is on the way out. What do you guys think?
Thanks