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get a windage tray and the oil pump baffle that sandwhiches between the pump and the rear main bearing cap. All your problems will magically disappear. had the same problem with a 383 from speedomotive in a buddies car. Would fluctuate oil pressure in the upper r's but was fine cruising. Just need to control that wind from the crank that's blowing the oil away from the pump pickup.
Do you have part numbers on the windage tray and baffle, or at least a description so I can try to find them? Any idea where your buddy picked his up?
I don't think you have an oil pump problem. I think your problem is in drainback. The only way you would loose pressure at high rpm is if the oil is not draining back into the pan quickly enough and the sump is running dry. I would check the drainback holes in the lifter valley and in the heads to make sure there's no flash that would slow down drainback. If need be you can enlarge and smooth these holes to help the situation. If all else fails you can go with a larger capacity oil pan. Just as an experiment you might want to add an extra 1/2 quart of oil to see if the situation improves. I wouldn't drive around like this for a long time but it might be worth the time to see if it makes a difference. Another thing that you can check is the clearance between the oil pickup and the bottom of the pan. If it's too great it will make the pump go dry when the level in the pan drops, typically at high rpm. Hope this helps. Good luck.
Just drops at WOT or near WOT. And I've tried the extra oil trick before, and the same thing happened. The stock pan has a factory windage tray in it. Just doesn't make sense to me.