Don't give up on me, guys! I haven't had a chance to start up the truck, but I did look under the valve cover and got some more info today.
The "fix" coming over from the lower part of the block to the head is capped off underneath where it meets the rocker assembly. It comes up from the right side (driver side) of the block, feeds through the valve cover, is welded onto the center of the rocker shaft, and then is crimped below that.
I fear that may be allowing all the oil pressure to go that route and not be adequately building up pressure elsewhere. If I'm not mistaken, the oil should come from the rear of the cam, up through the head, feed the rockers, and allow excess to drip back onto the head and flow back down to the oil pan.
I'm not sure what to do at this point. My first instinct is to return it to stock. However, I can't find any of the rocker oil tubes. My next idea becomes to pull the rockers and try to somehow manufacture that oil tube in close to stock form. I could also leave it as is and check for oil pressure, but I've never pulled the distributor out and I'm afraid to get it out of time. Suggestions?