A bearing that is receiving one drop of oil from the lubricating system for every drop that leaks away will be properly lubricated- - - - -at ZERO oil pressure. The fact that pressure rises at all indicates the bearing(s) are getting more oil than is needed. As long as every place in the engine that needs it gets an appropriate amount of oil, it really doesn't matter if there's 5 pounds of oil pressure or 50. The only real hazard is a situation where some bearings near the end of the oil circuit might be starved for lubrication due to excessive clearance and leakage past the bearings while ones nearer the oil pump get lubed. Having just a few pounds of pressure, measured near the end of the lube circuit, is plenty. Most idiot light turn on at or near 7 PSI.
One danger is developing enough oil pressure to damage the pump drive components, such as twisting the tang off the end of the distributor shaft. I've seen that happen when a pump relief valve gets jammed in the closed position. I've also seen an engine with so much oil pressure that the engine wouldn't idle- - - -stalled by the load of driving the oil pump.
Jerry
