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Ed - Check you exhaust manifold. A slight exhaust leak sounds a lot like valve tick. As far as the oil pressure goes, I assume you're using 20W50 oil? According to Alfa, zero indicated oil pressure is ok at idle, as long as the oil pressure light is not on. The oil pressure light works off a different sender unit and comes on when below 5 psi. 40 psi is a little low at off-idle engine speeds, but your gauge may be off also. Before you start blaming the engine, I'd double check the accuracy of the gauge and sending unit. Being a freshly rebuild engine, it seems unlikely that you've got rod or bearing problems.
As an aside, if you see a sudden and dramatic drop in oil pressure . . . . get some when the engine is cold, but dropping to zero as it warms up, that would be an indication of a blown out oil passage plug in the crankshaft.
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John Stewart
74 Spider
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