Thanks for the new information/recommendations. It's obvious that you're in the "been there, done that" category for this problem.
Here are the latest developments:
After the the initial test drive, I proceeded to to take a 120 mile trip (Raleigh/Wilmington) via interstate highway, average speed @ 80 mph. Upon arrival at my first traffic signal, I glance at the oil pressure gauge. Much to my amazement, the needle is sitting between 2-2.5. I briefly put the car in Park and punch the gas - the needle is jumping around between 2 and 3. I would assume this should be the normal operation of the gauge. As soon as I accelerate away from the signal, the gauge moves to 3. After reaching my destination, I turn off the car and turn the key to ACC. Now the gauge is sitting at .7 instead of the initial 3.
sschweg - Have you noticed similar "weirdness" with your gauge ?
Anyway, I intend to follow dSantos' recommendation. I am currently using Castrol 20-50 oil, so this could very well be part of my problem.
I will update this post thereafter.......