All - *PROGRESS*! Many many thanks for all of the posts and ideas. You guys are great. I spent the evening in the garage and the possible good news is I think I found the root cause. The bad news is that if I am right, then the root cause is my own stupid fault

. As a test I decided to drive the oil pump with oil pan off and the engine inverted so I could see anything out of the ordinary. I rigged up a feed pipe to the oil pump from a jug of oil and had someone else drive the oil pump with the electric drill. **And yes ... I made an enormous mess** But, I found a large gush of oil coming through the hole in the block where the oil pump drive shaft connects to the oil pump. Definitely not correct! I removed the oil pump and found that I put the d@$? gasket on 180 degrees off. Stupid, I know. With it incorrectly installed 180 degrees off, it fits, but then there is no gasket material between the pressure port and hole in the block where the oil pump drive shaft connects with the oil pump. Hence, I lose most of the pressure right at the pressure port of the oil pump! I reversed the gasket, bolted the pump back on and I could tell a difference as soon as I tried to drive the oil pump with the drill. The drill labored much much more and no more oil coming from places it shouldn't. I am kicking myself, for being that stupid ... but I never stop learning from my mistakes.
I need to reassemble everything, put it back on my engine run stand and then crank it up again, but I am convinced that was the problem. The gap at the oil pump was not big enough to drop the oil pressure when cold, but when hot at idle it just dropped to nothing. *MoonShadow - Check your oil pump gasket.
I am unable to run it this weekend, but I will post back next weekend with the final results. Thanks again for all of the help and hopefully this post can be referenced by others and save them some time.