Oil Pressure goes to 0 off of a hard launch

Having a problem with my 440 in my 68 barracuda.

I can not remember the brand oil pan but its pretty stock'ish.. when the motor was being built i didn't pay enough attention to the oiling system DUHHH...

anyhow.. i have an autometer mechanical oil pressure guage in my car and its tapped into the block at the rear/top of the motor.

From a dead stop it takes about 2-3 seconds and then the pressure drops to 0 and then comes back up in another 3-5 seconds if i let off the gas asap..

i measured the pickup when i put the pan on the motor and it was about 1" short of hitting the pan.

Now i can't even play with it because i dont want anything running dry... ive poured so much money into this motor and if im gonna pull all this out again, i want it to be done right..

Anyone have any tips? suggested components?

Thanks

JOe