That was in the Ford back in the the 1980s. I solved that issue by changing oil. I only mentioned my previous experience to hopefully read about what makes some oils resistant to the greater heat loads. Mobil 1 isn't cutting it in the Blazer.
The truck was fairly new at that time. I tried out several oils and found I had no oil pressure drop with either Wolfs Head of Delvac. I never used Valvoline in that engine again.
When I run normally at 60 to 70mph I don't see the oil pressure issue. I run as a pilot with oversize loads. Drivers can and will do 80 mph. That's when I have a problem.
I had just changed oil to the 10W30 and the filter because my mechanic changed the oil line to the cooler and put 5W30 in.
That was on the Ford E350 back in the 1980s. I was running Valvolene. Both Wolfs Head and Delvac prevented the oil pressure drop. My take away is that there are differences...
I had a 1985 Ford E350 with a 6.9L diesel where the oil pressure dropped to zero after I slowed to get on an off ramp with a line of cars. I had added a Banks turbo.
I found two other oils that kept the pressure up under the same conditions.
Now I'm faced with a similar situation with a 2001...