Update:
I installed a mechanical oil pressure guage and at a cold high idle, it showed 38psi at 1400rpms. Then the pressure started dropping in a couple of minutes to 32psi but at a higher 1600rpms. Then I dropped the idle down to 900rpms and it showed 12psi but after about a minute or two at 900rpms, then the gauge showed 10psi. I then shut it off.

Last night I was playing with the timing and after about 10 minutes or so of a higher idle, I dropped the idle down to about 1000 while playing with the timing. Then I noticed the fuel pressure dropped to zero and then the oil psi was under 10. The oil pressure safety switch is doing its job by shutting down the fuel but I assume this means the pan is coming off.

Note: These are solid flat tappet lifters with .012" EDM holes. Should I be looking at a new pump and a HV unit? I want to turn 6000-6200rpms when everything is safe. I'm not buying any parts until the problem is known, but if I am that far into it should I be thinking of parts?

Thank you!!