Don't worry too much about the high oil pressure, a weak gauge can send the wrong message!, better high than too low!
The blow-by is another issue, it is either worn bores or broken rings as trapper has suggested. The good news is with such good oil pressure you could get away with a set of sleeves, pistons and rings.
This post was edited by samn40 at 16:20:17 06/09/13.
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