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Both are normal effects, relax.
Pressure.
Viscosity: the degree to which a fluid resists flow under and applied force. Oil is more viscous when cold vs hot, hence greater oil pressure at cold -- the thicker (cold) oil tends not flow as readily compared to hot.
Volume.
Oil, like many substances, expands with heating and contracts as it goes colder. The term is coefficient of thermal expansion (CTE). The only way to get a consistent volume measurement is to determine volume at a set temperature. This is why you check oil at the dipstick with warmed-up ~180° oil temperature.
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'76 2.7-->3.2
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