Re: OIL PRESSURE GOES DOWN WHEN HOT???????????????????
Hrm, that makes no sense whatsoever. If you have good oil pressure at idle, then the pressure should go UP when you rev the engine! The oil pump is driven off of the Dist. gear that is driven off the cam, so when you spin the engine faster, the cam spins faster, the Dist. spins faster, and the oil pump spins faster, creating MORE oil pressure.
Maybe check the rod that connects the Dist. to the oil pump? Maybe it is warn enough that when enough force is applied to it (When the engine revs up) it slips inside the oil pump? Make sense? Pull your Dist. off and pull the rod out that goes to the oil pump...attatch that rod to a drill and stick it back in (Probably need an extension...I usually use a long extension with a socket that fits the rod) and spin the oil pump with the drill. That should simulate the engine reving, and if you've got a mechanical oil pressure gauge, you should see the oil pressure rise. Try different speeds with the drill and see if you can tell if the rod is slipping inside the oil pump. Also check the end that goes into the Dist. as that side might be the one slipping.
That is the ONLY thing I can think of that would cause oil pressure drop above idle...good luck!