OK, I'm back to basics. Tearing apart everything from the oil pickup to the valve covers looking for a problem. As of now, all the oil passages that I can access are perfectly clean and clear.
Here's an interesting link that adds nothing fundamentally new to what has been posted here but does explain the difference between high pressure pumps and high volume pumps and why you don't "need" more than 50 psi for the street:
Oil Pumps for Street Stock - Tech Articles - Stock Car Racing Magazine
As a post script, I've taken apart the current oil pump and am in the process of blueprinting it to the level possible. I've flattened every surface to remove machining marks (I know that there's a spec for the gap between the bottom of the gears and the base plate and will find that from a previous post before I re-assemble). I mic'd the gears/shafts and everything is reasonably straight and consistent.
I then went to pull the bypass spring and follower and to my surprise, the follower was tough to push out of the bore. It figures. After forcing it out, the follower did not show any scratch marks but it wasn't consistently shiny. After putting the follower on a mandrel on the lathe and surface finishing with steel wool, the follower measures a fairly consistent .439 in diameter which is the same as the follower from another stock oil pump that I just happen to have apart (at one point, I had three separate pumps apart, side by side).
I then clamped the base that contained the spring/follower into the lathe and ran some loose steel wool on a split mandrel up and down the bore a few times. I know, real machinists just cringed. Not a lot came out but it's all shiney down the length of the bore that I can see.
The follower now runs smoothly down the bore. Yup, I may have opened up the space a bit more than a pro would be happy with but I'm thinking of the tolerances that went into building the pump anyway and I'm comfortable that I didn't do anything stupid.
I've checked everything else that I can and I don't take a chance with Bubba fixes like plugging the bypass. New bypass plate arrived today.
So, I follow the good advice. People like JohnZ say if it's oil pressure, that's determined by the oil pump so go back and look at that again:bash. People like VNV say go back to basics :bash.
So far so good. I should have the car ready to fire up by Monday at the latest after I go over everything, including Hib's advice on the oi leak at the intake manifold/block area. And now, Tom Bryant's advice on where to measure the oil pressure at the front of th engine.
And besdies, I just advertised for a 383 short block on the CAC if anything else goes wrong!
I can't beleive that all this problem may have come from a malfunctioning oil pump.
Only me