if the 93 is the same as the 98 engine. with an oil filter adaptor you can test oil pressure at the filter as it exits the pump. If its good at the pump and low at the sending unit, the engines worn. If its low at the pump, replace the pump.
the min allowable psi spec is 6psi at 1000rpm for that engine. the warning light comes on a 4psi.
if the truck is an old beater try the oil route. if its not, there are better, more expensive ways.

 

Good news!! I have an answer to my problem. I hooked a manual gauge up and the truck holds 48 psi cold, 17psi warm while idling and 40ish at cruise speed. I went back to the parts store and they honored the warranty on the new oil pressure sensor (which was faulty) and replaced it. I installed the new one and my gauge now works. Thanks for all the help you guys gave me!!

V/r
Jeremy

 

That's awesome news, I'm glad you were able to get it resolved. Thanks for coming back to update us.
I'm sure this will prove to be a helpful thread to others with a similar problem