What’s the high value on the oil pressure gauge? If the gauge values stops at 80 psi, then try another gauge that gives a higher value to confirm exactly how high the oil pressure really is. I run up to 100 psi pretty regularly on the Y’s and no issues with blowing gaskets or filters. You didn’t mention the brand of oil filter and there are filters out there that are problem prone when it comes to pressure or free flow filtration. The Wix 51515R filter has a heavier shell and is designed to handle higher than usual oil pressures. I typically have no problems with the standard Wix and Motorcraft oil filters with most stock pumped applications.
The oil relief valve installs with the stud on the valve going into the hole first and then the spring going after that into the hollow of the relief valve. The assembly is then held in place with the threaded plug. If this is how the assembly is installed, then the oil pressure relief valve is installed correctly. At this point, check that the oil pressure relief spring is stock and hasn’t already been replaced or shimmed too heavily. For the georotor pump, the relief valve spring tension is 9.2-10.4 lbs at 1.800”. For the spur gear oil pump, the relief valve spring tension is 9.76-9.84 lbs at 1.56”. Also check that the relief valve itself works freely. Additional oil pump specs are at the following link.
http://forums.y-blocksforever.com/Topic22717-3-1.aspx
Also verify that the oil filter plate is not deformed and not sealing tightly to the block. With the oil filter plate off of the engine and sitting on a flat surface, the center hole should be raised above the flat surface at least 1/16”. Anything less than this and the plate needs to be reworked so that adequate pressure to the block sealing gasket can be maintained. Also check that the plate itself is not warped.
If everything else checks out, then it's worth the time to double check the lengths of the main bolts in the oil filter side of the block. If those are too long, then they can block the oil gallery to the mains themselves and drive the oil pressure up.

Lorena, Texas (South of Waco)