Opinions on my situation?

[bubbatime]

You can apparently change oil pressure by changing the oil pump bypass spring in the oil pump.

http://speedtalk.com/forum/viewtopic.php?f=1&t=28642

 

[Lyman]

That oil pressure is fine for a small block chevy. Someone probably put a Melling high volume pump in it. I'd go to a 5w30 and run it. As long as you are running it in fresh water run a 160* thermostat or even a 180*