My experience is that biology always tends towards an optimal pH and organic matter buffers our mistakes. As long as you have no serious issues with drainage or winter flooding which leads to a low pH. Compost is good. Cover crops are good.

A pH under 5 is too low for most plants so you definitely need to address this, or plants will grow poorly and they’ll be little food for the microbes. My advice would be lime moderately and regularly until you get to the desired pH, but be sure to inoculate (compost, compost extracts, humic products…) as often as possible.

Use the right type of lime to address your magnesium needs at the same time. Dolomitic lime can have 40% MgO magnesium. If you don’t need it use lime products from seaweed which can be 100% CaO3.

I tried to summarize regenerative practices to a friend. I thought a lot about it because I realized that I didn’t know how to define this. In the end I concluded that in regenerative agriculture we do everything we can to encourage the biology in the soil and avoid anything that harms it. Yes lime might oxidize, but acids burn.