Red, when the filter bypass valve is open, oil simply bypasses the filter and goes on to the bearings unfiltered.
It is NOT wasted, returned to sump, or sent elsewhere in the space-time continuum.
So oil gallery pressure is NOT affected.
First thing I would do is to connect an accurate mechanical gauge and see if the dash gauge is lying.
Besides the possibility of a bad gauge, that engine used a gerotor oilpump that is concentric with the crank snout and a LONG oil pickup tube back and down to the sump. SOMETHING could be going on allowing air to enter the suction side of the pump. (Noisy lifters can be caused by aerated oil, as well as by low oil pressure.)
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Today's Featured Article - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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