If the pressure is normal when first started and drops to near zero after running for a while, it might be that the return passages that the oil normally drips through to back to the sump are partially clogged. If you shut it off and wait just a couple of minutes and restart it while it's still warm does the pressure come back again for a little while? I'm not that familiar with the oil drain passages on that engine, but I had a similar problem with a Chrysler slant 6 in my Plymouth Duster years ago. You start it up and the pressure was fine and then after 10 minutes or so the oil pressure would drop. Added some ATF to the crankcase and ran it for 5 to 10 minutes at a time for a few days and it cleaned up enough gunk out of the return passages that the oil pressure was fine after that. I put another 25,000 miles on that car until the floorboards were rusted through and the engine was still running fine when I sold it to somebody who wanted the drive train for an even older Valiant.
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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