resinman,
I agree with you and your son...something is rotten in Pomona. I think the engine would last forever with only 15 pounds of oil pressure, but the thing is new and tricked out and should have much more than that.
The most obvious task would be to "prove" whatever gauge is on the truck now. If the pressure fluctuates consistently between the two values you noted, it sure would seem pump/bypass related.
If the rig has hydraulic lifters, I would make sure they are operating properly. It seems there would be only three options. The pump is actually fluctuating, the gauge is bogus or the engine has a internal leak somewhere.
If the oil pressure gauge is electric, I think I would start by checking that, maybe you will get lucky!
Don't forget to look at the oil filter if the engine has one...maybe it has a bypass.
Stuart