oil pressure drop!!

[72BLUZ]

i posted this on the 88 to 98 site, but i am hoping that maybe somebody here as well may have a little insite:
i have a 92 chevy with a 350 engine. the oil pressure has always pegged the gauge at start up and dropped to about 35 to 45 psi when driving down the road. last night coming home from work i pulled up to a red light and when the engine idled down the check gauges light came on. i checked and found the oil pressure fell to the red line. i stopped and checked the oil level. all was fine, nothing out of the ordinary. i shined a flash light on the sensor located behind the distibutor and saw it was oil soaked. i thought thats why, the sensor has gone bad. this morning i bought a new sensor and replaced it. but still having the same problem. i am going to change the oil and filter tomorrow due to the fact its oil change time. i am hoping maybe the filter is trying to collapse.
short of maybe trying a manual gauge to verify the problem. does any one know of anything else that may be causeing this, or had this problem with their engines.
my engine has about 36,000 miles on it since the over haul. then a new pump was installed. this problem just started. there have not been any other problems and there is no engine noise such as bearings rattling etc.


"i attached a manual gauge today and found i have a faulty gauge in the dash!!"