Put a direct-reading gauge on it and confirm that your dash gauge is accurate. It's not uncommon for a small block Chevy to run those pressures, and it won't hurt a thing. It probably had a Melling high-volume pump installed when the engine was built, or some other high performance item. It's possible to put a lower-pressure relief spring in the pump, but the oil pan has to come off to do it. Other than consuming a tiny fraction more HP to drive the pump, there won't be any ill effects to more oil pressure. It definitely will not cause leaks or high oil consumption.
Jerry
