This isn't an underwater weed whacker Pat..... It's a real hot rod engine in a boat....... 
Ray

Dude, Sorry I was not able to chit chat much earlier today, I was balls deep into telling a customer they needed to spend $87,000 in the next couple of weeks and just stepped out to "get a cup of coffee"...

Put some oil in the fugger and run it.

The way I see it, you can take it apart and do it right or treat it nice and have some fun.
Talked to my pop this afternoon, have you timed it? Does it run pretty good?
When and if you timed it, did you have to give it a bunch of timing for it to run right? (like over 30*BTDC)
Your symptoms are mimicking a set of pumped up lifters that wont bleed... Otherwise you could have a broken oil pick up tube (read leaking) or a bad fit.
Either that or your new oil pump could have a booger in the relief valve and "leaking" with the thinner oil just enough to keep it from making full pressure.
All that being said, I don't think you have an issue.
I would be happy with 15-20 PSI at idle and 50-60 at 3K+
To do it "right", run restrictors in the block oil ports, big pan, proper pick up tube, standard passenger car oil pump, hogged oil ports in the heads, maybe even some external drain holes and call it good... I have even sen roll pins installed into the push rods.
Keep in mind, the oil only heats up when the engine is doing "work", she ain't doing much on the trailer...
Throw in the 50, take it to the water and turn some laps. I would be willing to bet she settles down and does what it is supposed to.
If you have the rear sump passenger car oil pan it is a 5.5 quart oil change, meaning the pan holds about 4.5 qts., the remaining oil is in the filter. Does this POS have the famous oil filter adapter? Things can go wrong there too. Are there a couple of pipe plugs in the adapter? if there are, this is the one for an external oil cooler, you will need to remove the cooler bypass valve for it to work right, otherwise add a piece of hydraulic hose and go around from one port to the other...
So now, you just have to realize that the "SAE 50" rating is for 210*F oil, NOT 130*F, so in essence, everything is cool....

Your oil pressure cold is going to be a bit high, but with only 5 quarts to play with, the oil will get very warm, potentially very quickly and everything will even out.
Go have some fun for crying out loud, you deserve it...
