If the pressure is low enough at idle to trip a 7psi sensor, I'd say definately too low. If its still at least 10psi, I'd let it go, if that is the only symptom. Yes, a fix is likely either a main bearing job, or could be the pump. You might get some clues about the pump. What do you suppose the relief setting SHOULD be? BBC are normally 40, your SBC could have a higher set pressure. If the relief spring/plunger is stuck, you might expect too low psi at low rpm and too high at high rpm, plus likely a large change from cold to hot.
You rebuilt it. Did you measure the main bearing clearance with Plastigage? What was done at the rebuild?
ps; if a worn pump is in there, I'd expect a low pressure at all rpms, but building at higher rpms. Also, priming at starts might be slow.