Since you are going to change out your pump I assume you found that you did indeed have low oil pressure when you checked it with the mechanical gauge. Just curious what the numbers were which might help the next person with a similar symptom.
You said that you had read that the pumps on the 4.0 were notorious for failing at around 150k miles but I just never got that sense from following the forum. Oh well, sounds like a fun project.
Re: high mileage oils, I used Valvoline in my '85 and more recently '93 until switching to Rotella for the (presumed) ZDDP benefit. For the '93 I found that the high mileage oil did seal up the very slight seepage from here and there about the motor, barely enough for the occasional drip. If you don't have a leak, I don't see a lot of benefit to the high mileage oils.