The 340 is out....again.....

I don't have enough information but based on the limited information we have of good oil pressure, as the OP noted, and eating the cam bearings. I have to go with an oil restriction somewhere. If the cam bearing holes where misaligned with the holes in the block. Could this still show good pressure but not have any to some critical components like the cam. Is the supply for the oil pressure gauge upstream or downstream from the toasted bearings?