AND, IF the oil pressure is LOW, it could be the oil pump. IF the by-pass valve is malfunctioning, the output pressure could be low...
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Regarding the previous suggestion of modifying the rockerarm shafts for pressurized oiling... If you dig through the Forum Archives, there is a lot of debate on this subject.
Personally, for
my street and highway application, I like the oil directed by the overflow tubes. On one cylinder bank the overflow oil is directed toward the distributor and cam gear and the machined bore for the end of the distributor shaft. On the other cylinder bank the overflow oil is directed toward the timing gear set.
Again, one guy's opinion.
IF I were racing, I WOULD pressurize the shafts. For info on doing this,
- Google Tim McMaster's web site at yblockguy.com
On the Home page that opens, in the center of the page between the animation of a y-block running and the picture of Tim McMaster with his truck...
- toggle the 7th topic from the top of the list, 'Tech. Tips'
- on the page that opens, toggle, 'Rocker Arm Assembly Rebuild' look at the pictures and play the 6+ minute how-to step-by-step video
Hope this helps.

NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York