Will it run... yes. Should it run... NO !!
What ever cause that one jug to drop to 120 psi will continue to eat at it... and it will take out the crank. If you caught an issue before the meltdown... you are lucky. I would pull the head, and take a look. You may be able to just replace a piston and rings. BUT... you need to figure out WHY it happened. My bet is that the cab is plugged up, and I'm also betting that it's the PTO jug showing the low pressure. (It is more susceptible to a lean run)