That hot idle does seem somewhat low, but there may be contributing factors that can be looked at without major work.
What SAE weight oil are you running? If you are using a multigrade oil (for example, 10W30 or 10W40), you might consider experimenting with a straight weight oil.
Also, if you are having overheating issues, that can make your 'hot' oil pressure lower.
What type of oil filter does your engine have - a full flow or a partial flow filter? If a partial flow filter, usually they have some sort of restrictor to maintain a metered oil flow. I know of Studebakers folks who have found that restrictor missing on their filter/lines, and it was lowering their oil pressure at idle. A quick check would be to temporarily disconnect the supply to the filter and plug the port and see if that appreciably improves your idle oil pressure.
Keep us informed on what you find. I enjoy your posts on your progress.