An oil leak has to be very bad to affect the oil pressure so I don't think your two observations are linked.
I'd say it's worth taking the cam belt cover off to check if the belt is being contaminated with oil. If it's dry under there, you might be able to see behind the cam belt sprockets to the camshaft oil seals to see if they appear to be leaking. If not, it is likely to be the crankshaft front oil seal or possibly the oil pressure switch, the sump or oil pump gaskets.
If the cam belt is dry and the oil leak is not too severe, I'd say wait until the cam belt is due. If the cam belt is contaminated with oil it needs changing. Either way, combine it with a cam belt change, and once the belt is off do a little more stripping down to find the leak. Might as well change the camshaft and crankshaft oil seals while you're at it regardless of the location of the leak.
Check the breathers are clear too, as they can contribute to oil leaks.
Regarding the tappets, I'd say give it some fresh oil and filter first off, and see if that helps.
Kevin