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I have a 92 EFI 460 that I bought from a guy that had just rebuilt the motor but never started it. It was pretty tight when I tried to first start it but it has run good for the last year. For the first several months the oil pressure was very high. running around 55 to 70 when cruising and well over 40 at idle. Then recently I noticed the pressure dropped to just over 40 when cruising and just under 40 at idle still nothing to worry about but quite a sudden and large drop. Now today I am at a traffic light idling and I watched the oil pressure drop to around 15 while idling but it went over 40 once started cruising again and did not drop below 30 the rest of the day but I also noticed that the pressure was slower to climb right after starting than it used to be. What do you guys think? Oil pump? Crank or cam bearing?
You need to check the sender and gauge as it sounds like one or the other is bad. To check the gauge ground the sender and the gauge should go to max pressure. If it does, R&R the sender. The other thing to do is to install a mechanical gauge.
change the oil and filter and connect a mechanical oil pressure guage. do this check first ,what kind of oil do you use,??? a sudden loss of oil pressure is not good but i hope your motor is o/k