OK guys, here's my follow up to this issue.
So as mentioned previously, I got an external pressure gauge as per Hotrod Lincoln's advice. I also blew out all the oil lines including the one that goes to the dash cluster gauge. I made sure both oil lines at the filter cannister were clear of any sludge, and I decided to go ahead and change the oil and man was it black. As mentioned, the old gentleman I bought the truck from hadn't changed oil in it in a very long time, so I suspect when I did my first oil change back in November or December, the new VR1 oil did some cleaning of the engine.
I connected the pressure gauge to the oil supply line that comes off the block and goes to the filter cannister, and tied it to the fender brace and had the wife observe when I started the engine after the oil change.
The oil pressure immediately came up and there was no cold start engine noise at all. I removed the external pressure gauge and re-connected the supply line to the oil filter cannister, installed a new WIX 51006 filter and hopefully, problem is solved.
I drove the truck into town and back and it ran flawlesly. Thanks to everyone for their help, including Hotrod Lincoln and Jon.
Kevin
