Aw Chip, not again. An engine under light load can run quite a while with no oil pressure.I would bet on the HEI shaft is too short or you didn't have the distributer all the way down before tightning the pinch bolt Or the previously suggested overtightning of the oil pump pointy retaining bolt, that may certainly cause a pump shaft siezure.BUT...the distrubuter drive gear pin would shear ,shutting down the ignition.The oil pick is screwed in so its unlikely that's the problem unless it's cracked severely.The oil galley plugs are on the outside of the block,loss of them would produce an Exon Valdez class oil spill.Good luck, hope its just a easy to fix problem.