ya thats the plan, what should i do about my oil pan situation? keep the stock or upgrade ....... also do u think a 3"dia by 25" long combo oil cooler with power steering will work?

that oil pressure seems way low....hopefully it will be up with the rebuild, if not you have a internal issue...

the motor had a fresh rebuild with only 25 hours on the motor

Just because it was rebuilt, doesn't mean it was done correctly. I'm not trying to be an a-hole. Just telling the truth. This wouldn't be the first time. Do you know who built it? Where did they set up the bearing clearances? What did they use for an oil pump? Do you have an oil temp gauge? If so, what does the temp go to when you run it hard?
Personally, I think the clearances may be to big for the pressure to go to nothing when the oil gets hot. Even if it is reaching 275+ deg, it still should carry some oil pressure. A combo of excessive clearances and a stock, low volume pump that hasn't been shimmed, could certainly cause the problems you are having.
Eddie

Eddie, I have heard that term being used before, but have not seen any details on this procedure. Can you be specific on what is done and why? Thanks. Richard

You remove the bypass from the cover of the pump. It is held in with a roll pin. Behind that roll pin is a spring that sits into the bypass valve. By adding shims(washers) between the pin and the bypass spring, it essentially stiffens the spring. This makes it harder to open the bypass, which will raise the pressure.
Eddie