Back in the late 1950's when the first 265 Chevy V8's began getting enough mileage on them to need an overhaul, Dad's shop did a few "in the frame" rebuilds- - - -rings, rod bearings, valve job, etc. which was the normal minor overhaul that had been done on cars for decades. Several of them had problems with the idiot lights flickering at a stoplight. Most of them were Powerglide equipped cars. They finally figured out the oil pressure loss was from worn camshaft bearings, which couldn't be changed without a complete teardown. There was no such thing as a high volume oil pump back then, which would have solved the problem, or at least hidden it!
Jerry