This isn't uncommon. Most people don't check their
oil pressure when the car is on the wicked edge, so they don't know it. Your right though, it isn't good.
There are a million things it could be.
Try adding a couple qts of
oil and run again. If it gets better, it is a pan/pickup problem. In a pinch, I've added a gallon! at a track to help with pump starvation. People will b!tch and moan that it was a horrible idea, but 10% of the engines blew that day on that track. All 10 said they didn't have pressure problems. Ya right! They weren't looking at the right times. Mine went home running. If I hadn't added
oil, mine was going to blow. Foamy oil was better than big freakin air pockets. I had a new baffle pan with sticky trap doors. Problem since fixed.
Plasti gage the rod journals and check the side clearances. Big strokes sling oil and sloppy rods will outflow a hv oil pump at high rpms.
Those are easy things to try with the engine in the car.
Let us know.
Bob