Interesting... Richard's advice seems contradictory, but I think is also another valid approach. The low TA may cause pH to be erratic, even if that 4 pounds of borax adds ~9 ppm to your TA while changing the pH.
Updated:
To clarify, the experts here agree that when pH is low and TA is bottomed out at 0, the only proper response is to add baking soda to raise TA first to a reasonable level, then address the pH as needed with borax.
In this situation, since TA is not quite bottomed out, both approaches are acceptable. I would suggest, contrary to my original recommendation, that you bump the TA up first to 60 ppm. This may or may not also fix your pH issue, depending on the buffering capacity of your water. If pH is still low after adding baking soda, then use borax.
It's important to note that you not try to do both at the same time as the pH will be affected by both additions.