Go buy a mechanical oil pressure guage and hook it up. Then test your pressure.
It only takes about 5 lb's. of oil pressure to float the crankshaft. Make sure you at least have that. I don't know much about the 235 oil pump, I do know that other oil pumps I have worked with use a built in oil bypass valve. If the 235 has one it is possible it is stuck partialy open. Other than that cam bearings are the usual culpret for low oil pressure when it is not the pump.
