Jake - no, the cam bearing holes are not aligned. Since the bearing bores are grooved all the way around, it shouldn't matter...???
Joel - no oil cooler, but the oil does seem to get pretty hot. I am running the Motorcraft FL-1 plain vanilla filter. I can't see it as a pressure drop issue though?
I understand that many are running FEs with oil pressure in the low range, and it might run fine forever, but I would still like to learn what controls the pressure. This engine just does not seem "loose" enough to me to have pressure this low.