I had a similar problem with my 2001 FourWinns with a 4.3L. My symptoms were the same, and I was never convinced that there was actually a low-pressure issue, just that the monitoring systems were detecting one. I did the same things you did (replaced the sending unit - twice with a Volvo part, once with a GM automotive part, changed the oil from 10w-30 back to 30), each time I'd convince myself that I had fixed it. But it kept recurring. I plumbed in a mechanical gauge to confirm my suspicion that this was an electrical problem. That was easy, and the gauge cost about $10 from Autozone. But even though I knew this was an electrical problem and not a real oil pressure problem, every time that dash alarm sounded it put my stomach in knots.
On the 4.3L and the 5.7L, there are 2 parallel systems for the oil pressure. One system runs the gauge on the dash and a dash alarm (lighted oil can and audible beep.) The other system sets a much louder alarm in the engine compartment when the sustained oil pressure drops below 4psi (this one also sounds when the ignition is turned to "on" but before the engine is started.) After several hours of boating, my gauge would jump all over the place, and the dash alarm would sound. Never did the simpler system in the engine compartment sound an alarm. It turns out that the problem was in the dashboard. The dash was an automotive type made by VDO (a division of Siemens), as opposed to separate marine gauges. After doing my research, it turns out this was a well-documented problem with VDO dashboards of this era. The fix that worked for me was to run another grounding wire from the dash. Others have addressed this by buying separate gauges and building a new dashboard.
If you have a dash made by VDO, I can send you some information from them including a wiring diagram that will help you find a suitable spot to attach an additional ground wire. I was able to do it with a screw that was already in place, and didn't need to do any soldering.
Good luck,
Craig