Jason,
First and foremost, ignore your buddy's advice. He knows Toyota cars, BUT not Landcruiser engines. However, you did come to the right place for accurate info.
I'd purchase a mechanical
oil pressure gauge link and verify what you think is happening. Remove the OEM oil pressure sending unit and place the mechanical gauge in its place. Start up the engine to see if your oil pressure comes up.
WARNING the aftermarket pressure gauge has fittings that are NPT and your landcruiser has threads that is NOT NPT. So, be VERY careful when you screw in the aftermarket fitting, do it gently with some teflon tape. I think 1/8" NPT should work but it's not a perfect fit. But, for our purpose, this should work out.
Unfortunately, this is the best picture I seem to have on my HDD. The OEM sending unit is directly to the right of the T-stat (in the pic). It's a round thing with a tab sticking out of it. In the picture below, the motor is
upside down and you're looking at the passenger side of the engine. The sending unit is toward the bottom, directly under the exhaust manifold. So, it goes w/o saying, do this work when the engine is cold!!
If the pressure doesn't come up, then proceed to figuring out why. One option that I can think of is that your crankshaft nut is not torqued to 304 ft -lb (as mentioned by BLK up above). If this nut isn't tight, the sprocket that turns the oil pressure pump may not be turning. One hint of this is if your power steering is hard. Is it hard to turn the front wheels when the engine is running? The oil pump sprocket in turn spins the PS pump sprocket.
See the picture below. The 30mm Cshaft bolt is missing but it goes at the end of the Cshaft. Follow the shaft toward the engine is this is where the C-shaft sprocket (for timing chain) sits, to the right is the large oil pump sprocket and to the right of it is where the PS pump sprocket would go (current missing, empty hole).
Just so you wanted to know, the oil pump can be removed w/o removing the timing cover. Below is the timing cover and the oil pump cover is the item on the right, with seven Phillips screws (#3 screwdriver).
Let us know what you find out.