oil pressure on a 216? trust me...your heart pumps higher pressure than a babbit splasher.
seriously, the 216's are not famous for overwhelming oil pressure. my 1950 3/4 ton chevy behaves just as you've described. mine too has not been apart, does not smoke, and has been problem free. it does leak but that is a gasket issue.
best advice that i can give is change the oil often. it's cheap insurance against rebuilding and as long as it still cuts logs
there is always the possibility the gauge is defective, but i'd be willing to bet that it's just "business as usual".
one other thing to consider is tempature/season/oil weight. winter, running 30 or 40 weight and you'll see high pressure even after the engine has warmed up. 20wt in the summer and you'll be in the basement as far as oil pressure.