360 LA squeel / scraping noise like drive belt on passenger side

So we are thinking it has to be oil pressure related. No noise at all when oil is cold and we have 60 psi of oil pressure. But once everything warms up the oil pressure drops to 20-25 while driving and 5-10 at idle. \

Could the oil be getting to warm and thin? we are running 15w40 now, after changing out the break in oil. We fixed the smog ports today to rule anything to due with those out. Tmr we pull the engine unless someone has something for me to check first.