I'm with Jerry. If you haven't fixed the oil pickup you may be sucking a vortex on the bottom of the pan before the level even gets to the 1" level. Sounds to me like you've got an oil capacity/oil drainback problem - you've got all of your oil up in the valve covers and upper end, starving your pump. An easy way to know, but extremely messy would be to pull the bolts off of a valve cover, have someone hold it tight against the gasket to prevent leaking, start it up and run it until the oil pressure has dropped to zero and as you shut if down jerk the valve cover. I predict you'll have between two and three quarts of oil on the floor.