Take the wire loose from the oil sending unit and then turn the key on and ground the wire to the engine somewhere and the gauge in the truck should go all the way past the highest point. If it don't then the gauge in the dash is bad are the wire going to it ( The 1 you grounded ) is broken.
If the gauge is reading low oil pressure, Then unscreew the oil sending unit on the engine just behind the distributor, were you took the wire loose from. Then install a OIL PRESSURE GAUGE into it's place. Then start the engine and read the pressure, Now compare the reading on the dash gauge to what you are reading on the oil gauge.
Have a fuel pressure test run.
With the aid of adapters, you can "T" into the fuel line at the fuel filter and attach a fuel pressure gauge.
Attach a fuel pressure gauge to the service port on the fuel rail.
Could be a number of reasons. I'd recommend you take it in to a shop and have a system performance test done on it. While you could do it on your own with a manifold gauge set, you would have to be able to decipher what the pressure gauge readings indicate is wrong with the system.
Test it with a vacuum gauge.
To Test the Tire pressure on a vehicle
Run a fuel pressure test with a fuel pressure gauge connected to the fuel rail.
It doesn't have a test port. You have to fabricate fittings to tap into the fuel line at the fuel filter to connect a fuel pressure gauge. They probably sell a kit to do that but I made my own.
you get a pressure gauge that screw onto laundry or garden faucet
You will need a fuel pressure gauge. Connect the gauge to the fuel rail and start the engine. The gauge will tell you how much pressure they pump is putting out.
Hook a fuel pressure gauge to the fuel pressure rial and just turn the key on and see if you get any pressure reading. If not you may have a bad relay, or a blocked fuel filter or the pump is bad itself.
You may have some fuel pressure but not enough. Do a pressure test with a fuel pressure test gauge, it should have 41 to 47 psi to properly run the engine. Sorry, But that engine should have 9 to 13 LBS. of fuel pressure. No lower are higher are you will have problems.