Not sure, i would say oil pump or cam bearings
how to install the oil pressure gauge on a Chevy 350 small block
lack of lubrication
It's lean.
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It could be the timing chain/sprockets marks are not lined up correctly or the valves are not adjusted correctly.
The fuel pressure is not adjustable on that vehicle.
Typical of worn bearings....crank, cam and rod bearings.
I have a 98 with a 350 it doses the same thing NEW ANSWER: It only takes 7 LBS. to compleatly lube a SB. Chevy at an Idle. If you have at least 30 LBS of oil pressure while driving down the road your o'kay
Did you replace the oil pump? If not then that would be suspect. Also install an AC/Delco filter before going any farther.
60~66 PSI
40-50 lbs
7 to 9 LBS.