I got it put back together and it's not good. I took it around the block and initially it was good, so I went around the next bigger block. Half way around sitting at a stop sign the oil pressure was at half gage. It's typically always pegged on hi. As I headed home I watched it slowly go to zero I stopped to check it. It seemed ok so I continued, no clatter by the time I got home. Thinking it was a 50 year old gage issue I put a new sensor in and watch it do the same thing so I put a mechanical gage on it and again watched it do it again. Each time I ran it after that first time it started out what seems like 40 psi. The gage went down quicker each time. The oil looks like the first batch and is non farris. I guess my next step is to take apart the oil pump as I start my search for the failure.
   Back in 2004 my original balancer spun so the machine shop supplied a new one. He put the timing marks on it so I thought I should check it. I found that it is with in + - 2° due to the rotational slop in the crank when the piston is at TDC. I don't have a protractor to attach to the balancer to get any more accurate than that.
   While I had the engine out I took the tranny shop and had them go through it after I did my thing to it. The only thing they did was put the new gears you mentioned and told me it was good. I'll call them again Mon or Tues. 

yuuuuuup  

There is a remote chance that the engine is essentially running out of oil as you drive it.  Clogged baffles in the pan can limit the amount of oil that makes it to the pickup screen.  If it sits, the oil will finally drain back down and you'll have pressure for a little while when your re-start.  I don't think a clogged filter would do this as it should go to bypass if it is a mess.  Also, there is a chance that your oil return holes in the heads are clogged up.  All the oil gets pumped into the valve covers/heads as you drive which can cause a loss in oil pressure.  Again, when you shut it off for a bit the oil will eventually drain back down.  You might see this if you pull the dipstick immediately after you shut it off and then check it again a few minutes later.  And in the strange but true, someone I know put a can of the magic teflon additive fixes everything stuff in a high mileage motor based on nothing but TV ads.  A perfectly good high mile motor lost oil pressure with a full sump because the teflon magic additive created some sort of primordial ooze that blocked the pickup screen.

You can check those things but it does sound like it might be time for a rebuild, unfortunately.

HudginJ3 wrote:

I got it all unzipped today, out of the car and torn down. Dey ain't nutin wrong wi ti! The bearings are all shiny where they are supposed to be. I don't see where any metal is coming from except the ____cam gear___. It's worn but I don't think it's that significant. It doesn't explain the non faris metal. My theory is still the oil pump, pressure relief? Or a defective oil filter relief valve?    

You mean the distributor gear NOT the cam gear......right?!

I'd clean it up the best you can with Brakleen (I love that stuff) ...wipe it out with a roll of towels....clean the oil pan REAL good........  check the thrust bear clearence one-more-time....get another oil pump (You use a Melling?).....fresh oil and prime it with a drill motor stuck in the distrib hole..make sure you get oil coming up to both side of the heads...say a prayer and try it again.  Bet it will work flawlessly!!
 Looks like you dodged-a-bullet to me!!
6sally6

I’m glad all looks well inside. Have you tried to run the oil pump with a drill to see how it acts? Did the machine shop check the clearances on the oil pump?

Does the cam gear look like it’s worn more now even after changing the distributor gear? Time for detective work before it all goes back together.

No big deal with the ?? mark.     Just -oh no I used a word I shouldn't have--umed you used Melling since they are so popular.
Although.......'I have read' where some Mellings are better than others!?!
Everyone suggests to take the cover off and check the clearances..... I didn't butt its been a loooong time age back before so much Chinese knockoff stuff came on the market.
Do a little research which Melling brand is considered "better" than the others. SBF (unlike Shivel-laz) have great oiling system and std. pressure pumps are well up to the task. Forget the old adage...."if a little is good...then a lot should be better". You do have a HEAVY DUTY oil pump driveshaft, don't you? (good insurance) What kind does Steve use in his builds?!
Just be sure to prime the engine oil system REALLY well before you fire it up.
I'm sure you are 'gun-shy' for sure with all the stuff that's happened before.  Hang-in-there and just check your work as you re-assembly and you will get it this time!!
Post lotsa pictures
6sal6

I've been talking to an airplane friend of mine that used to build "shebies." He's now building an airplane.
Melling is the way to go, regular flow unless I'm going to over rev it. It won't over rev because of the cam I have. I do have the heavy duty ARP drive. I used the Motorcraft FL-1 oil filter but haven't open it up and I don't think I need to after seeing what the inside of the parts look like. I'm thinking that all the "metal flake" is engine machining left overs. Ive' never had reason to take an engine apart right after initial run before so I'm thinking all that junk is normal. ????  So I'm off to Summit. You need anything?
Brake cleaner? (you love that stuff) Carb cleaner? Automatic Trans fluid?   ?????

I love that workbench picture.  Wait... there IS a workbench, right?

If you look under the vise there is a work bench. That's what you set vises onto. If you can take it off the bench then the vise is called portable and the bench becomes a table. I used to do all this work at the airport where I had plenty of room but they changed the rules. Under the vise behind the compressor is an air tank that I connected to the compressor. It's been a great little compressor I've had since 83. That get up works good enough to do a differential compression check one cylinder at a time.

Did you look at the cam bearing while it was apart? 

I've used exclusively Melling Standard volume and pressure pumps for years in every engine I've ever built.  I always check the clearances, and I've yet to find one out of spec.  I usually drill the cover bolts and safety wire them because I'm anal.  I do the pickup bolts on a Ford too (I weld a Chevy one to the pump).  SBC, BBC and SBFs all have great oiling systems.  They don't need any trickery with pumps, etc. to make them live, even at high RPM and making a lot of power.  Had you a Buick, AMC, etc. it would be a different story.  Those engines had terrible oiling systems and need a to of work to make them live.  All a high volume or pressure pump does in an engine that doesn't need one is place added stress on the driveshaft and waste HP. 

I fired the engine today for the first time for about 10 minutes after tearing it back down to the bare block. I rewashed it and reassembled it with new bearings and oil pump. It lost oil pressure from 40 lbs to 0. I guess the block has a crack in an oil galley someplace???  I found a 1989 to replace the block that is complete but looks pretty rough in the pics for $500 that is pretty close to me. It would need to be machined to take my crank and pistons. Does it have all the same bolt holes as a 70 block? Any other engines or blocks are pretty far away. This bash thrash taking the engine in and out of the car is wearing me out!! I'm beginning to doubt that I'll make it.

Hang in there brother, I feel your pain. Oh wait, that's my pain. They say misery loves company, welcome to the crowd.

I can't believe you have a crack somewhere as it ran fine before all this changing out of stuff. You start out at 40psi and drift to 0 would have to be a huge crack/hole. Are you sure all the plugs in the oil galley. The ones up front by the cam retainer plate come to mind. 

Keep at it though and I feel your pain. April is coming.