You got 150 thousand miles out of a 4.3L V-6? Wow! That's over twice the miles that I averaged on a typical 4.3L V-6. If you are the adventuresome type, you can retard the timing so that your truck won't ping on regular, but it will probably feel like you're pulling a trailer. I set my timing up so that the truck was optimized for premium gas.
Your story sure brings back memories. I had three different 4.3L V-6 motors in my 1990 Scottsdale. When I sold my truck, it had 219 thousand miles, so I was averaging around 73 thousand miles per 4.3L V-6. And yes, all of these motors had the widely-variable oil pressure that you describe and it was directly related to the motor RPM and/or idle speed.
My truck had a manual transmission and air conditioning. When the AC was on, I would get the huge fluctuations in oil pressure that you have described. The idle compensation for the air conditioning never worked properly, so at stops or during shifts, the engine RPM would drop and the oil pressure would go down to nearly nothing. With the AC on at stops, I would put the transmission in neutral and press down on the gas pedal enough to get the compressor operating properly and get the oil pressure up to 30 pounds. With the AC on during shifting, I would need to compensate for the drag of the AC compressor by goosing the gas pedal between shifts. Otherwise, the shifting would be very jerky.
My guess is that you have an automatic transmission and this would create extra drag on the engine when you are idling in the Drive position.
No, this type of engine speed/oil pressure fluctuation is not normal -- except for certain GM vehicles. After warming up to its normal operating temperature, my new 2004 Silverado (4.8L V-8 with 4-speed automatic) idles consistently at 500 RPM. It doesn't matter if the transmission is in Neutral or Drive and it doesn't matter if the AC is on or off. The oil pressure does vary slightly with engine speed, but it is nowhere near the extreme fluctuations that I experienced with my three beloved
4.3L V-6 motors.
I used 5W-30 during cold weather and 10W-30 during warm weather in all of my 4.3L V-6 motors. (On my 2004, I use the factory-recommended 5W-30 all year round.) I did notice that the oil pressure would be different with different weight oils. If I recall correctly, the lighter oil would give a higher oil pressure reading when cold, and when warm, both weights would be about the same.
I changed the oil and filter religiously every 2500 miles. I also did the tune up procedure twice as often as the factory recommended.