Under track conditions I have had no problems with pressure loss using a proper road race pan and a 3 quart Accusump. The dry sump would be appropriate for sustained high rpm / high speed cornering in race conditions. These canisters are very effective and many racers use them. Dave installed one on your car:
www.accusump.com/
Make sure your
oil pan has a gated (flapper) sump and a top just above the
oil level. I think Dave has a Canton pan on your car. Armando at Armando's
Oil pans does a good job and will build you what ever you need:
www.geocities.com/motorcity/flats/1624/
Also check the clearance at the bottom of the pickup and the pan. It should be between 1/4" and 3/8".
Ride height can be checked at the front and rear lower main cross tubes. The bottom of the chassis is flat and true but I use these two cross tubes when checking. In addition to ride height, I would corner scale the car, with your weight in the driver's seat and 1/2 tank of gas, after you get the ride height where you want it and castor/camber/toe is set.
Keep us posted on your progress,
John