cjoe,
I don't know if your oil pressure gauge is mechanical or electric, but before I ripped into the motor, I would make sure the reading you are seeing is accurate, and steady. Could you pull the sender, or tube fitting, and let it purge and clean itself as you run the engine for a couple of seconds.
Attach a mechanical gauge and make sure the blood pressure is actually fluctuating...it's a simple step before major surgery.
Stuart
