As some of you know, I am going through a similar situation with a '51 Merc I am resurrecting. Compression is good and the bearings/journals also look good. I removed the old pump, checked the clearances (they were good), and the check valve (also looked good), and compared the "feel" of the pump against a new one; it also seemed good. Rather than go to the messy procedure of setting up test fittings, etc. for the pump. I just installed a known good pump and bolted everything back together. However, then came a time crunch, and I didn't have time to check the oil pressure again after I got the engine back on the test stand, when it was time to leave for 6 months in Florida. (Trust me, I need the break after the summer I've had.) If you can wait until May, I'll let you all know what happened.
I know this is maddening to do to you guys, but the point was to tell you that I don't think there is any way of determining if a pump is good or not without actually running it, whether in a test fixture or an engine. Sorry.