wheres my oil preasure going

The plug Cave's talking about is visible with the distributor removed. If possible, pull the spark plugs, and have a friend trun the engine over with no dist, shining a light down the hole. If there is a huge gush of oil over the dist drive gear coming from just in front of it, and no plug is visible (only a thread or two sticks out of the hole..) then that's your leak. If ity's in place, then it could be the plugs in the front of the engine, or the steel press in plug under the #5 main cap..I've found 2 of them stacked on top of each other before, because the machine shop didnt pull the original before machining.