....I'm going to pull the distributor and drive the oil pump with a drill motor and see what pressure I get.....
That's where I would start.
I haven't seen those symptoms before. Wonder if it could be a problem with the pressure relief valve in the
filter adapter oil pump, the oil pump pickup is being sucked to the bottom of the oil pan, or your pump is sucking air.
Jon mentioned the oil gallery plugs. Try the drill driven pump and see if oil is getting to the rocker arms. If there's a plug missing, I'd bet oil won't get to the rockers.
Or drain your oil and see if it looks metallic.
I once had a pump that wasn't machined properly and it would not seat flush to the block. I had to grind a relief. I believe Melling had some pumps get out with this defect, but that was 10 years ago.
Hope it's an easy solution, good luck!
Edit: The oil filter adapter contains a bypass valve, not the pressure relief valve.