Great ... We actually just did the timing chain and guides and tensioner, so I hope it is'nt that. I seem to remember the thread you gave a link to and had gathered up some parts to do the oil pump pick up job, but was exploring additional possibilities when this thread came up. The op's desciption fit so well....I was about to get a sensor, but then you placed your alternative mechanical failure issue to match his symptoms and the older link. I guess either way it will be one or the other. I have looked at the oil pan and it has a substantial dent in the bottom, which originally had me leaning towards this pump pick up as the issue. I guess it's time to drop the oil pan. and find out for sure. (hates this job)

Thanks for your post of the alternate issue and for the follow up. We are not the only car to experience this...I am now encouraged that it may not be something major like I had thought. Been procrastinating due to the fear of something very bad....(too scared to look)

I have pulled the oil cap off the valve cover to stare at the cam oiler tubes which are supplying oil at idle but cannot replicate this o pressure guage phenomenon when in gear or moving the car ...obviously... at the same time as staring into v/c. Car has been parked since driving it from Dad's house when it was noticed.

Spinedoc, could you let us know if you fixed yours with a new sensor? If not.. there is this alternative from the link Lorainfurniture posted