I HAD THE SAME PROBLEM IT WAS WHERE THE WIRING HARNESS
MEET AND CONNECT AT THE TOP OF THE MOTOR YOU WILL NEED TO LOOSEN THE CLAMP PULL IT APART AND CLEAN THE CONNECTION
My bet it's the sender. If you had a bad connection in the plug you would be losing oil pressure not pegging the needle( although it could cause it to jump around).
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You can never have too much horsepower or money...It's just hard to have both.
I think Rambunctious is right. One of the engines in my 32 Fountain did the same thing over the weekend for a few minutes. Had me startled at first, but since it did not last, I figure the sender was probably sending faulty info to the gauge.
I just had the same problem, thought it was the guage, (Gafrigg) so I replaced it still had the same problem. Checked the connections still the same, pinned passed the reading of the guage. Replaced the sending unit on the carb rail and all was perfect. Hope this helps.