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I installed some electronic autometer oil, water and volts gauges this weekend in my 68 with a 360 with about 150,000 miles on it. I always noticed on the stock oil gauge that it ran a little low but when I got the gauges installed the oil pressure read about 20 psi idling and 40 while cruising but when it got worm it read about 10-15 psi idling and 18-20 while cruising, is there a way I can test the oil gauge to see if it is good?
Those pressure readings don't seam to far off for a std oil pump. With a 150k mi that not real bad. Normally you only need 5psi/ 1000 rpm as a min. May want to ask the experts on the FE threads, pretty sure some one will know. But if you do not have valve noise I would not be to concern.
The only way to check the gage is to tee in a mechanical gage.
I'm going to agree that your oil pressure sounds right for an FE with that many miles.
My FE has about 180,000 now, but it has new bearings on the crank, rods and mains, and a new oil pump. At 170,000 miles, I had 25psi @ 2500rpm hot, and the needle sat on the zero peg at idle. With the new bearings and oil pump, it has 15 psi at idle, and 35psi on the highway.