John,
I reviewed page 8-10. You are correct this is a relief valve also. I suspect this relief valve is not for main oil pressure, but it is a safety relief valve in the case that the oil filter gets clogged. In the description of the lubrication system in the manual (1991)this relief valve is not mentioned. The 1992 manual may have more on this, or even later service manuals. (The 1991 manual is lacking in some areas based on the first year print IMO.)
I would recommend you send an e-mail the MarkB or Barney to confirm this, I am not 100% sure. I will try to do the same.
There have been many cases on the forums about wacky oil pressure readings, and the causes can be mechanical, electrical, etc. The first thing you really have to do is install an alternate gauge (mechanical) to see what the actual oil pressure really is, to rule out any gauge/electrical issue. We can discuss that in a little more detail if you like.
In regard to alignment, especially about "toe" you should talk to Karl Zimmerman. He is an advocate of "0" toe front and rear. It is my understanding the Toe "out" in the front is there to help preload the front bushings (rubber) to give the car a crisper turn in characteristic. Toe "in" in the rear is to stabilize the rear end.
I have my car set to 1994 specs, and you are correct the wear is evident. This is also true of the camber (negative). If you are running OEM tires, I see no problem with trying a less agressive alignment and see if you like it. I use my car about 5K miles per year, so I am less concerned about the wear then someone who uses their car 15K miles. I have decided a new set of rubber once a year or so I will live with.
I personally have not driven a car with the toe and camber reduced, so I cannot comment about the characteristics, but I would say give it a try.
I have full four wheel alignments done for $65, so I consider this experiment a small investment. The bottom line is you can always put it back
Oh, a major question in regard to this is what is your setup? Are you completely stock, or have you lowered the car, changed shocks, etc?? OEM Tires??
HTH,
LarryB