Oil Pressure loss!!!

If there was a threaded hole right in front of the distributor when you pulled it out that means the oil galley plug never got put back in. If you take out the oil pump gear and manually prime the engine you will see a huge stream of oil come out of that hole. If there is a hole there you can put a plug back in it with an allen wrench without taking off the air cleaner. I was able to do that with my 360.