Oil Pressure goes to 0 off of a hard launch

I concur with the pickup depth being way too high, the pickup should almost touch the pan.

"Super-Jethro semi-scientific diagnosis" here is to run 1 qt over full. If it makes ANY difference, you are emptying the pan faster than oil can drain back down.

Because the pickup is leaving a quart or so in the bottom of the pan, you just notice it sooner (think about how much distance 1 qt reads on the dipstick, if there is 1" between marks, and your pickup is 1" above the bottom of the pan, the engine effectively has 1 qt less oil to use.) Like I say, add a quart and see what happens, then pull the pan. Loose rod bearings will also cause a high RPM oil pressure drop, but they have to be pretty sloppy to take the pump off bypass.

BTW, the stock pan is a pretty decent if set up correctly and run with a stock pump.