Through some troubleshooting...
While on my way to drop off our project Nova to the office in Placentia, Ca. which is an hour drive from my home in Northridge I noticed an oiling issue with the Nova. On the streets and around town the 350 small-block has no problems turning 60 psi of oil. however, a jump on the freeway would send the oil pressure to a gut-wrenching 25-30 psi at 70 mph. I quickly exited the freeway and immediately added a quart of oil to the engine--it must have been low. As soon as i got onto the freeway we were stable again at 60 psi. Another problem arose though as we began to climb the various mountain passes through into the office. Whenever the car would begin to climb the hills oil pressure would drop again.
Is the oil pickup loose and pulling air instead of oil? We will soon find out. I will remove the oil drain plug and try to poke the pickup with a long screw-driver in an attempt to see if the pickup is loose. If it is,we will be pulling the oil pan off and replacing the pump with a high-volume one with new pickup.