If the distributor shaft isn't seated in the pump it won't move any oil.

I was taught that if you replace the bearings you replace the pump. If not I would suspect some crud in the pressure relief valve. You can buy a cheap oil pressure gauge for a few bucks and use it to check the pressure while on the stand.

While you had the engine apart did you replace the cam bearings?


Fred
52 3600
69 C-10