Stop guessing
Ok I drove my BII for around an hour today....there was no ticking noise or loss of power....when I pulled into my driveway, the oil pressure was 8-10 psi at idle.....in 4th at 2000 rpm it is between 32-38 psi.....I still think the returns in the heads are stopped up.
IMHO
Stop guessing, pull one of the valve covers off and look for the holes.
The only way to know for sure.
Clean em out if they are clogged.
We had a MGB with a four cylinder that had this happen (clogged up).
When the oil level was low, it took a long time for a fresh quart of oil to make a difference on the dipstick.
More likely the piston rings are worn out or damaged from sitting too long (junk yard engine).
After running a while, the "blow by" dilutes the oil with unburned gas (small amount, but it will get by), the blow by heats the oil too, and pressure drops off.
.
Remember, you get what you pay for.
I had a friend put in a new long block once in a Blazer and paid over $3000 total.
A junk yard engine at the price you paid may only get you a years more riding.
Anyhow, good luck with it.
