Mike,
Jerry is right- it sounds like your gauge is bad. The needle should stick on the highest recorded pressure at the end of the test.
Unless your valves clearances are set wrong (as in no clearance at all) or your cam is timed way, way off, you'd get higher than 50 psi even without rings in the motor! I assume that the correct solid lifters are in the motor (not hydraulic)?
When you are cranking, does the needle ever go above 50 lbs?
Dave
