Could just be a tight engine..
There is really not anything wrong with having that much pressure with cold oil.
There are times when you will need to be careful to make sure you get the oil up to temperature before you romp on it....
The problem with that much pressure on a 454 is the load it puts on the pump. This is going to sound odd, but hang in there for a second...

The Chevy engines 283-400 small block and the 396-502 big blocks have a distributor driven oil pump, the distributor is driven by the camshaft. That being said, the camshaft is being pulled rearward with a large load on it, this causes the cam gear to wear on the thrust of the front cam hole on the block. this is just a splash oiled surface and survives from sling from the timing gear and spray from the front cam bearing. What we do on our engines is to drill a very small hole in the oil galley going to the cam bearing in the thrust for the cam and run a hardened thrust washer. This prevents excessive cam walk among other issues that could wear things out too fast.
You oil pump, depending on what it is, has a pressure relief built into it that typically relives at 90 PSI, the problem this can cause is a foaming situation, so keep an eye on the oil temps, foamy oil WILL NOT cool off properly, it just keeps getting hotter and hotter until it is so light and watery that it will begin to push oil out every vent available....
In all honesty, I don't think I would have a problem running it as is, but I would rather see the pressures in the mid 60's...Where are you taking the pressure readings at?
GT