There is an oil pressure relief spring under the intake - someone more knowledgeable than I can tell you how to get to it. This might be your problem as it gets weak with time and age. I resolved my similar issue by installing a 50 lb spring - they come in either 50 or 80. Now my oil pressure is nearly 50 lbs at speed and drops to no less than 15 lbs at hot idle. There’s a thread on this board describing how I chased it down to that spring ..... that thread would help show you what to do if nothing else
There can be several pressure relief valves that will open and drop the
pressure to almost zero. One is up in front of the valve valley as mentioned.
And one in the oil pump. Older pumps with a smaller straight shaft housing
don't have relief valves. Once they open they stay open until the engine is
shut down and restarted but will dump again when the pressure gets up.
If the spring that controls when the pump dumps is weak stretching the
spring is not good as it go's weak again. A short spacer about 3/8" long
solves the problem. The length of the spacer controls the maximum
pressure. You need to make an oil pump tester, remove the drive gear
and run with a 1/2" electric drill. The pump works in the direction the drill
runs to drill a hole. The tester body is bored out so it pushes tight over
pump OD. A bad pump can pump oil with no load on the output like the
pump has pushing oil through the small clearance in the bearings. Bending
the plastic output hose acts like restriction the bearings put on the pump.
On a good pump the tighter you bend the hose the higher the pressure
shows on the gauge. You can use this to set the max pressure on the pump
by adjusting the by pass valve in the pump. The front valve valley valve can
be adjusted by removing the spark plugs and spinning the engine with 12
volts. The pressure you set the front valve at is the oil pressure you will
have at 45 to 50 MPH on the road. I normally set the pumps for 65 lbs.
G.M.