New Alfista Needs Advice - Low Oil Pressure Gauge

[AlfaNat]

So I am as nervous as a new father. Took me 27 years to get the car I always wanted, a 74 GTV. Great condition. Just bought it last week. I took the car for a great 3 hour drive down the coast and the oil pressure gauge was about 1/2 way, or about 55psi where I think it should be. Yesterday, I notice the needle was resting near zero while driving normally. I checked the oil and the dipstick was at the bottom end. I added a quart and the dipstick came up to about half way. I drove off with some improvement in the oil gauge, but after 5 min the needle dropped again towards the bottom. I decided to wait a day. Today I added another quart and the dipstick came all the way full. The oil pressure gauge went to 55psi for abou 5 minutes and then returned pretty much to the bottom again. The Alfa guide says all sorts of possible terrible scenarios. On the other hand I have a oil pressure light and its not on.

Is it a faulty oil pressure pump, faulty oil pressure gauge, bad seals that lead to low pressure readings? What?

[spannerman]

The origonal gauge sender units are not known for their reliability. Usually reading inacurate or leaking oil or both. Its best to attach a mechanical gauge to the engine and get an acurate reading. If the oil pressure is low, its more than likely the plugs put into the crankshaft oil gallery drillings coming adrift. If one or two of these plugs come out, the oil pressure drops. especially at idle. To fix it the engine should come out but shouldn't have to be stripped if its in good condition. Give an Alfa specialist a call for a pressure check. Where abouts are you?
Good luck with your baby...