I had good luck replacing all my rod bearings with 0.001" undersize shells and the mains with standard shells. My '90 4.0 had about 230k on it at the time, and the oil pressure was a hair over 0 psi at hot idle with 20W-50. Your engine isn't in quite as bad shape as that, but I'd guess that you'll still be fine with 0.001" under on the rods, considering that your oil pressure indicates some significant bearing wear. Just be sure to check clearances with plastigage as you change the shells. Although getting a micrometer on the journals would be ideal, plastigage is good enough to tell you if you're way off or close enough, especially if you want to keep things quick and cheap (meaning keep the crank in the engine). Also, as long as you've got the pan off, you should change the oil pump and might as well do the rear main seal. This is how I did my bottom-end bandaid, and 8k miles later I'm running strong with about 25 psi of oil pressure at hot idle with 10W-40.