Replaced the distributor cap.... Note to Belden ignition wire users: Be very careful with the seating of the terminals.... I found 2 that were not inserted straight into the socket. I did have a friend who was helping install the wires, but I did see that the terminals have a tendency to angle away from center inside the boot. The engine now starts fine.

I replaced the plugs with new ones and checked compression - all cylinder pressures are fine.

I also changed the oil and filter..... same results on pressure. Oil pressure is fine on startup, but begins to drop as the engine temperature increases. The oil becomes very hot and doesn't get to the top end. I don't know what else to do except replace the complete oil pump assembly..... I'd hate to take it apart to clean/replace the valve and find it still bad on reassembly.

Frank