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If you are setting the code at WOT, then the oil pressure is BELOW desired pressure, setting off the P1211. You can monitor this with AE or another live data monitoring tool and watch as the high oil pressure drops, usually between 1900-2200 psi. Even the 80 Econo setting calls for more pressure than that when you have the pedal to the floor.
Oh, and fuel pressure cannot cause the P1211, it's only oil pressure and it's measured from the ICP sensor. A demand for more fuel from a chip will cause oil pressure to drop because more fuel requires more oil, and many stock HPOP's can't meet the demand.