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Sounds like a main bearing spun. You will often notice a drop in oil pressure when they turn, before the clanking starts.
How does the crank look?If you started this ordeal with 70 PSI, the pump isn't worn out, but there's a good chance that the pressure relief valve is sticky. You probably won't be able to 'feel' any difference between a new and worn out pump, unless the gears are galled. A thorough inspection following disassembly and cleaning should tell you what you want to know. Personally, I would install a new Melling standard volume/pressure pump and hardened drive shaft.