Changing the two little o-rings on the bottom of the oil filter housing lid shaft is needed when they become brittle and hard. At least every 100K. And when you lift this lid, the oil is supposed to drain out of the housing and in to the oil pan. This should be done before draining the oil out of the pan (or sucking it up out of the dipstick: except in Denver).
Now the oil pressure as stated should peg the oil gauge needle within a few seconds when starting the engine.