I suspect the bearings are from the vacuum pump, but don't know for sure (someone with a later model diesel than my 72 220D can help). In this case, you will have no vac, either.
I would replace the sending unit for the oil pressure gauge before replacing the pump, and verify that you do not have serious fuel dilution in the oil (it will smell of diesel if you do) before condeming the pump.
A new pump may help with oil pressure, but not if the main bearing are worn out.
1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!