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How many miles?
The bottom end on an M103 is BEEFY. Unless it has very high miles or has been run out of oil, very little is likely to be wrong down there.....
There might be more than one thing wrong leading you to a false conclusion. For example, you state that you don't think that it's the pressure sender because the engine has started making a noise at low idle. Noise at low idle could be something as simple as motor mounts. My 300SE sounded like hell at low idle until I replaced them. You could have a bad pressure sender and bad motor mounts.
Or, the oil pump could be bad......
You really need to do an oil pressure test to see if you are in fact suffering from low oil pressure.
PM me your email address and I will send you the MB test procedure for this.
-tp
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