The A/C in my 2003 Camry was noticeably less cool today. Fan works fine. Mechanic felt hose connections and thought they were not as cold as they should be. He pumped out the refrigerant and said there was 1.2 lbs in it and there should be 1.32 lbs so it was not that low, refilled it and placed dye in it (so any leak will show I guess). While it seems a little colder it is still not cold as it should be and he says the low pressure side of the compressor is only pulling down to 50 pounds and it should be getting to 30 lbs. If this is the case, does the compressor need to be replaced or are there other solutions?

The specification for your A/C system capacity according to Mitchell Online is 1.25 Lbs. Anyway you look at it, freon level is not the issue unless there is too much dye and oil in your system. Personally, I HATE that dye stuff. The system usually gets overcharged with oil when techs use that stuff and that can cause extremely high pressures and low performance. It is much better for the customer's A/C system as well as faster and more efficient to use an electronic leak detector to find system leaks. I don't understand why the tech felt that dye was necessary in the first place. If the system is not low on freon, the problem is clearly NOT being caused by a leak in the system...so WHAT was the dye for??? It is also not necessary to pump the freon out of the system to determine if the system is under-charged. That is what the manifold gauge set is for.
OK I'll get off my soap box to answer your question...

Yes, there are other possibilities. Without the high side pressure readings, it is hard to say for sure, but Toyotas are known for the expansion valves getting stuck and causing high low-side readings. If the low side is high and the high side is low, this is usually the case. (Freon flowing too fast through the evaporator)

P.S. A/C compressors don't "pull down" they "pump out". This may sound like a matter of semantics, but there truly IS a difference, and if you want to understand what is going on with your system, it has to be looked at this way

One more little tidbit of information:
Your A/C system is computer controlled and capable of outputting fault codes for certain types of system malfunctions. Did the tech even bother to check for fault codes? I'll bet not!