Looks about like I remember them. I know many of them were replaced with V8s as the V12 had oiling and cooling problems.
Ray, You are correct, oil pressure when newly rebuilt and hot barely registers on the gage. I had a friend that I helped with on his 41 Lincoln Continental convertible. IMHO not the best engine out of Ford.
So, was the song written about this actual car, the car pictured, or was the car shown in the video a result of the song. I would think there were dozens or more "Hot Rod Lincolns". Anyone know for sure? Not that it matters, but my SWAG is this story is hype.
Edit: I did not listen to the whole dialogue.