The "Throw Away 318"

But the 10 PSI at idle hot is not good. Even with the HV pump you should see 50 PSI running a 50 weight oil. I'd check to see if all pushrods and rockers are moving, you may have one that popped a lifter out.

I had a 318 that bent an intake pushrod and then the lifter popped out. Lost a lot of oil pressure but the engine still pulled to 5000 RPM. Yes it was a bit lazy but still stronger than a stock 318