hey guys - i searched a bit in the archive but I want to get some opinions on what I am seeing. this is my first day with a W123 (or a MB or a diesel - as i say newbie alert), so go easy on me.

when i got the car, the oil was ~2.5 quarts down to begin with. i don't yet know the ultimate origin of this. i refilled with Rotella 15W40 this am.

started the car and oil pressure shot up to 3. good. went driving for a while and noticed the pressure start to drop to about 1.75 when off the accelerator. as soon as i go back to the accelerator the pressure shoots right back up to 3.

is this ok? i have read so far people dont like their gauge go under 2, ever.

there are 3 small oil leaks i have noticed so far.
1.) the passenger side line that goes from the bottom of the radiator to the oil pan. looks to be that junction. small amount of dripping after driving.
2.) oil seemps out of the filler cap, enough to be seeping down the side of the valve cover after my 20 minute drive. does this mean i just need a new filler cap?
3.) some oil on the air filter. lots to read in the archives on this.

my ultimate question is am i in major danger? would the leaks be causing be causing that lack of oil pressure after its warmed up?

thanks for all the help,
dd

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'85 300D, 'Lance',250k, ... winter beater (100k on franken-Frybrid 3 Valve Kit)
'82 300D, 'Tex', 228k body / 170k engine ... summer car
'83 300TD Cali Wagon 210k, wife's car