Start the engine, oil pressure light flashes on ... then off (normal) and then within 3-4 minutes the the oil pressure drops, oil light goes on, and within 30 seconds the oil pressure is back to normal. This only happens within the first few minutes of engine start. I'm suspecting a faulty sensor ... thoughts ...?
As I have replied to similar questions on Usenet before:
First order of business is to put a mechanical oil pressure gauge on that engine and confirm if you do or do not have oil pressure. If you don't have any oil pressure, or if it is as erratic as it seems it may be, DO NOT run the engine anymore until repaired.
Fords "idiot" oil pressure gauges are poor at best, they are dampened so nobody gets excited about normal pressure fluctuations, and they never show an actual pressure value. You can check the throw of the gauge by unplugging the sending unit, and taking a jumper wire and grounding the lead that plugs onto the oil pressure sending unit. With that lead grounded your gauge should show full/max scale. If it doesn't work properly I suggest you consider installing a real oil pressure gauge.
Good Luck
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