The gauges and senders are notoriusly inaccurate. You can remove the idiot light sensor and screw in a mechanical pressure gauge to confirm you have good pressure. Then put the sender back on. The pressure gauge sensor is a PITA to remove. Both senders are available from the usual suspects. Search the forum for a procedure to make an old sender work if you don't mind drilling a hole in it.
Greg
__________________
1974 Berlina Vintage Racer, 1987 Milano Platinum (LeMons Car)
1995 BMW 540i Sport-Dinan Chip, 1966 Corvette Coupe 327-350, 1993 Saab Turbo
Mine is like that too, its normally about one needle width aboue zero. I have tried several different types of oil (15w-40 and 20w-50), and shell rotella t 15w-40 non synthetic shows the oil pressure im most comfortable with.
For peace of mind, rent (free) a fuel pressure test kit from your local auto supply store. It will (should) include a selection of threaded adapters to suit various applications; you want the M10x1. Install in place of the stock sender, start the motor and read the gauge. Remember that you also have a red low oil pressure warning light by your fuel gauge that would be lit if you were in trouble. Changing the sender is not easy as there is little room for wrench swing and the clearance on the bottom is usually too tight for a stubby 14mm wrench. The tool I made from 3/8" rod stock and a donor 14mm wrench though makes it easy. It's 15" tall with a 6" handle with about 7/8" between the wrench throat and the shaft.
If you have a set of 3/4" drive 12pt sockets, use the 1 - 11/16, a short piece of 3/16" or M6 fastener (cut the head off a bolt) and some grease. Use the grease to stick the rod in the sender body's slot, drop the socket over and turn to remove. If, when you put it all back together, you do not have a new copper washer, just put some sealant such as Permatex #2 on both sides; it will help keep the washer in place while you fish around for the hole.
Last edited by Graham D; 11-04-2009 at 10:08 AM.
Reason: clarity