Thats the thing..i dont know what the psi is based on the limited info as per my gauges...10w30 conventional. i have had this issue for a few years now. it hasn't been climbing and remained stable for a few years ( at that reading).. when i punch it, the gauge doesn't move.
This is my brother's 68 Dart GT, mild 318, mileage unknown. Mechanical gauge, with engine at normal operating temperature, and factory style gauge in the rallye dash cluster.
On cold starts the mechanical gauge will show about 70 to 75 psi. Conventional 10W30 oil.
To answer your original question, no, I don't think it is high.