When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
Hopefully someone else will chime in on this post. You would probally be better served to start a new post under "low oil pressure on new motor" or something.
I would believe there is something more going on than just the oil pump. DO NOT RUN YOUR MOTOR WITH THIS LOW OF OIL PRESSURE. Each motor is supposed to have a certain psi of oil at a certain rpm.
I would start with another oil gauge connected to the motor. Make sure the one you're looking at works correctly.
As far as your original post, it does sound like a lifter bleeding down.
I had the 69 with 360 loose oil pressure when heating up from cold starts. Factory oil pump, aluminum alloy vs Mellings cast iron. The pressure relief plunger stuck in the open position when cold (thick oil) and dropped to 12psi at 2,000 hot. The plunger bore had a step from 417K miles use. Raised the motor, slapped in rod and main bearing with a Mellings HV pump. Ran it to 534K after I built a replacement motor. Are you sure all plugs are installed in all the oil passages? I trust taper plugs long before "mini freeze" plugs. Did you safety wire the oil pickup pipe bolts and was the flange to pipe and bell to pipe welded up? Install a mechanical pressure gauge to prove your pressure is low to save wasted effort and money on another good pump. Pull the dizzy, careful to not drop the drive, install a spare dizzy that has the gear machined off and points cam removed. Add a drill motor to spin the pump, careful as it will torque your hand, get pressure readings. Last resort pull the pan.
.....=o&o>.....