Oil level has nothing to do with pressure.
I agree with the concensus that it is a 5 to 6 quart pan though.
I got a Dooley on my 455, and though it says "10 quart" it holds maybe 8 including a filter change.
Oil level too high, you get the crankshaft splashing around in it like a 2 year old and a mud puddle, even with a windage tray, foaming it all up and CAN lead to excessive crankcase pressure and cavitation of the oil pump, however. Mine would puke oil out the breathers when it was too high (Following the dumbass dipstick.....
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I wouldn't sweat your PSI numbers. Sounds normal to me if using a high volume pump. Now if you notice foaming oil on the dipstick, or in the valve covers, well then, you got too much in there. Thing with Olds and Poncho motors is (Buick also, if anyone is running one), without oil mods and oil return mods in particular, you need to run more oil in them than they indicate. Right to the ragged edge on oil levels, especially with a high volume pump (Not a good idea on an Olds).
Ray
Yah im only running 5 1/2 was just gonna top it off at 6. But the oil pump is new and a nothing special stock pump.
Putting the old oil in it, it ran 20-60 cold and hot
Using pensoil 50wt I was stuck at 60 no up or down cold and hot
Using valvoline 30 I was 5psi at idle 40 max cold and didn't wait for it to get hot
Now using valvoline vr1-50 its 50psi cold at idle, 40-45 at temp and it maxes out at 60 around 2k and holds that psi to 5k
That guy Corey using the SCJB app