Here is an update:
I changed the oil and filter using 10w-40 and a half a quart of Lukas oil stabilizer. At cold start, the preesure is about 50 psi. I think it was the oil filter since it was very heavy and looked old.

Once warm, the pressure is 25+ psi at 2500 rpm and 8-10 psi at idle. It runs well and for now, I'm going to leave it alone since I've got a lot of other changes I need to make like power brakes and revised differential ratio. The last owner put 255/70/R15's on the rear from a stock ford 8" automatic differential and the tires stick out from the fender 3", have only 2" clearance to the fender edge and make the car a dog off the line.

Thanks for the help.