Does your engine have the drip tubes like all of the V-8's? If so the tubes are likely clogged or the oil passage in the rear most tower is clogged. With the valve cover off and the coil wire disconnected you can spin the engine over with the starter. This will build enough oil pressure to see if the drip tubes are flowing. Another possibility is that you have already been under the valve cover and disturbed the drip tube. The plastic bits get brittle with age and break easily.

I wouldn't run the engine at all until you get oil flowing over the cams.

__________________
Mike Tangas
'73 280SEL 4.5 (9/72)- RIP
Only 8,173 units built from 5/71 thru 11/72

'02 CLK320 Cabriolet - wifey's mid-life crisis

2012 VW Jetta Sportwagon TDI...at least its a diesel

Non illegitemae carborundum.