When water pressure is that high, you're likely to have banging pipes in the house. If the faucet drips, likely the faucet valves need replacing or the whole thing. If old faucet, I think new faucet with ceramic washers would be better choice. Price-wise, old valve washers (or stems, etc) may cost as much. If nice brass body and chrome or finish still looks good, worth keeping good quality fixtures.