Have you had the head off recently?? I don't know if your engine is a Standard, but if it is, you could check that you have the cylinder head gasket(s) correctly installed. The oil feed comes up through a hole in the block and into a gallery in the head - getting the head gasket on wrongly (back is front, front is back, up is down, down is up) will (a) block the oilway so preventing oil getting to the valves/tappets/stems etc. and (b) make the engine boil easily. I'm guessing that this is the problem as your oil pressure seems good. The rockers/tappets and valve area should always get a good supply of oil - you will kill this engine if you don't cure the problem. Someone who owns a Continental engined version may be able to tell you if it is possible to do a similar trick with the head gaskets on that engine. Easy fix (plus new gasket(s) of course!) but irritating none the less. Of course, if you didn't change the head gasket, maybe the oil way is just blocked - in which case you will need to remove the head anyway.
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