It seems you have so many places where oil pressure is not being contained by the components involved that even if the pump itself is functioning well, it can't push enough volume to keep up. The RPM is dropping most likely because the thrust bearing babbit is gone and the friction at the thrust face is increased. If this continues, the connecting rods will(and may already have) run out of longitudinal clearance, whereupon the pistons will tilt in the bores due to bending forces on the rods. Sounds awful, huh? Additionally, you may have spun a bearing, or at least destroyed it, on connecting rod number three's big end. Have you pulled down the connecting rod bearing caps for inspection yet?
Future plan of attack? Yank it out and overhaul it thoroughly. Don't run it any more. You you could hurt something very expensive to replace.
Motorbill
From Lola to Land Rover, If it's British and has wheels, it's likely I've bloodied me knuckles thereupon