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My first thought would be your oil is sloshing away from the pick-up at WOT. Does it only happen in First gear or all the gears?
Try running it up in third and see if it does it there, if not, but it does it in first, it's probably sloshing away. You might need better baffles in your oil pan, a bigger pan to hold more, run a heavier oil, or maybe restrict the oil to the top end somehow.
-Dave C.
PS: Or it could be something simpler like a loose wire on the sending unit. Try using a mechanical gauge to make sure.
Maybe the cam is wearing out the gears on the part that turns the oil pump, I know that if you dont have cast gear on your cam it will wear out the gears out on your Dis because the cam is so hard, that is why you have to use bronze gears on the Dis on a older engines with out cast gears.
thanx everyone, my first thought was the the oil getting away from the pick up but it never did that before, so that would be odd. the distributor gear is out of the question 'cause my engine is an lt1 (optispark) which doesnt drive the distributor through the gear. anyway i found the prblem, a rocker came loose, way loose, but wasnt making any noise(?)
It is good to hear that it was nothing big.
I know that the LT1 does not have a distributor gear but it does have a shaft that is turned by the cam that turns the oil pump and I was just wondering if that shaft had gone bad.