[intakexhaust]

Great, tough motors. I had a 332 c.i. in a '59 Galaxie 500 and 352 c.i. in a '65 F-100.

Car restored, any paperwork? How long ago and mileage since? If a fresh rebuild, why the talk of sludge? That takes time to build up. Although I would question the quality and thoroughness of the overhaul. Was the old block boiled and really clean before the build? Starving bearing?

Temporarily line in a known and good oil pressure gauge and see how the pressure varies.

Regardless and without question, I would drop the pump and check the condition -was it a reman or poorly rebuilt?

Additionally, would definitely and first pull each rod cap, check telltale and Plastigauge.

Then proceed to the mains.

(edit: I'm assuming you've looked in the rear view mirror for throttle on and back-off exhaust / oil smoke. Basic observation for valve guide's and seals issues.)