So Wally, this engine was running fine, and oil pressure was good, correct?
If so, then there is really only a few things it could be.
1. The oil pressure relief spring may have broken, or lost its springiness. This would result in low, or inconsistent oil pressure. The spring can be removed without removing the pump.
An easy check.
2. The builder didn’t use thread locker on the oil pickup where it attaches to the bottom of the cylinder block, and the bolts have come loose. This would result in air getting sucked in and the oil would get bubbles in it. You would see this on the dipstick and in the oil you splashed everywhere when running the engine with the cam cover removed.
I doubt this is the problem.
3. the bearing clearances have somehow become too large. Excessive bearing clearances will definitely result in low oil pressure, but there will also be an accompanying knock as the rods and main bearings rattle about.
Again, I don’t think this is the issue, as an engine doesn’t last long when this occurs.
4. If you reused the old oil pump, and it wasn’t disassembled, cleaned, and inspected to verify adequate clearances, it could be the cause of low oil pressure.
5. The correct amount of oil in the crankcase, and the correct dipstick.
The oil sump capacity is 5 quarts if I remember correctly.
Starting with an empty crankcase, and a new filter (should hold about one quart), refill the engine with the correct amount of oil, start it up, run for a minute, then shut it off.
After waiting five or ten minutes, check the oil level.
It should be within the high and low marks on the dipstick.
(as for the question of the correct dipstick, have you replaced it with the one that was with the engine originally?)