Let me know if you need someone to hold that next person while you hit them!
How low is what you call low? What is the reading? Is the needle resting on the lower peg?
No oil pressure is most often associated with worn main, rod and camshaft bearings. Unless you had a massive loss of oil, it should not indicate that these parts are worn. They typically wear out slowly over time giving the loss of hot idle oil pressure over time. For the oil pressure to suddenly drop is quite unusual. MB's minimum hot oil pressure spec. is .7 Bar, or about 10 PSI. This is about 2/3 of the way from zero to one on the guage.
Getting rid of this car is not necessarily the answer. These cars are built to be rebuilt. You are doing the right thing; investigate, learn and then decide. Just getting rid of it without analysis is the ignorant persons decision.