Just went out and looked at one of my boat anchors (cracked blocks) and there is an oiling hole in the block where the very bottom of the distributor shaft sits. This is the inch long stub that is below the gear. The oil is fed from a hole drilled under the front cam bearing.
So, you have an oil leak and since this is the first thing to be oiled after the pump, you are getting low oil pressure to the engine.
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