Derek, don't start that motor again. Assuming yours has had a professional and complete rebuilt, I would not even touch it without the rebuilder/shop owner present (warranty issues).
Your oil pump might be bad, the shaft that drives it might be bad, or one of the internal plugs in the oil galleys might have come loose.
A similar thing happened to me last year with my (more than completely) rebuilt MEL 462. After twenty minutes of engine break-in the oil pressure went down considerably. We shut it down and removed the spark plugs, fitted an external oil pressure gauge, and turned the engine using the starter. No pressure.
We dropped the oil pan to check out the (brand new) oil pump. It had gone bad. The plunger was stuck open & had to be forced back with a screw driver before it could move freely again. So the pump was pumping but a large part of the flow just went back straight into the pan (I hope I'm describing this right, KULTULZ).
So a new Melling oil pump & custom drive shaft were fitted. The drive shaft worked like a charm and for $20 it's a cheap piece of mind. Glad I had the foresight to have a replacement pump & shaft at hand. I'm also glad it was a bad pump because otherwise I would've had to pull the motor and bring it back to the rebuild shop. The old pump had a steel Melling label attached to it but I couldn't find any # on the pump itself proving it was a Melling pump. The new one from Lincoln Land did have the right part #.
Anyway, when cranking - not starting - the cold motor the gauge read just over 40 PSI. As you may remember we tried this with the first (and now known to be bad) pump. The needle literally barely moved then. We started the cold engine: PSI came up to 60 when revving it a bit. With the motor properly warmed up it was +40 PSI at 50 mph.
On that custom drive shaft, I replaced the original with this billet drive shaft from Precision Oil Pumps in Ca, (559)325-3553. The original is literally as thin as a pencil and really isn't up to the job. This replacement works for the MEL engines. It is an FE drive that is +.0375" Longer for Main Girdle Applications. This shaft is about .075 too long, but the MEL guys get them and grind that amount off the bottom (pump end) to make them fit. Just use a bench grinder. The shafts are $20.00 plus shipping.
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