There is a welch plug in the oil passage just above the oil pump. Check that it is in there, sometimes it gets removed for a block overhaul and not replaced. I have read if it is left out it can reduce oil pressure. I don't see how as it just diverts oil through the oil filter and back. Leaving it out would bypass the filter not dump oil.
Check the cam journals too, might be undersize. If the lifers are not put back on the exact lobe they were run on before, you might have cam problems like a flat cam.
If the builder didn't keep them in order, get a new cam.
I had a cam lobe go flat and little strings of metal shavings got in the oil pump relief valve, making it stick.
I've heard on the net the Mexico blocks were cast from pretty good material, don't know for sure.
If the 400 block is not bored and honed with a block torque plate, pass on it. I had one with a .040" overbore and it had 65% leak down one year after I put it in. It was a mass produced rebuilt engine.
David
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