I'd run it for a while and get the engine thouroughly warm and see if it drops. Adding a can of rislone should help break down the wax.

When we started my friends 261 the pressure gauge was pegged at 100 psi. This gauge was on the oil filter and we bent the needle and destroyed the gauge. His gauge in the instrument cluster was not hurt, and we ran the engine 30 minutes to break in the cam. After things cooled down he dropped the pan and removed shims from the overpressure valve.

One way we figured out to check the pump for pressure was with the pump removed. We hooked a pressure gauge to the outlet through a tee, and put piece of tubing on the outlet. Squeezed the tubing down and hooked a drill motor to the pump with a distributor shaft. Stuck the pump in a pan of oil and spun it.


Fred
52 3600
69 C-10