Don't tell me you didn't replace the oil pump!
Well, no biggie, if the clearances were within spec. After all, that's what its all about. I have seen brand new pumps that are inferior in operation to used ones. So, you might eventually have to measure the pump critical clearances - explained very well in Bentley's, etc.
I will assume that you have checked the obvious:
oil level in sump
oil viscosity , 10W-30, 20W-50, etc.
bad oil pressure gauge or bad connection/line
worn oil pump
Since I don't know the level of your engine rebuild let me ask some otherwise elementary questions.
1. was the crank checked and reground and fitted with new main and rod bearings?
2. if yes to no. 1, after reassembly did you plastigauge the clearances? Did you record these numbers.
Something that is often overlooked is the oil pressure relief valve which is located in the head of the oil filter assembly. Inside the head is a simple spring-ball valve arrangement. If there are problems with wear in this mechanism it is possible for the valve to open at too low a pressure. The valve is adjusted by loosening the locknut and rotating the screw clockwise to increase or counter clockwise to reduce pressure. If you can't get enough improvement by adjusting the valve you may have a corroided ball and/or weak spring. Both are available and easy to replace. You can test the valve with a known good oil pressure gauge. Start the engine and get it up to operating temp. Slowly increase engine revs to 2000 rpm and observe the gauge. Pressure should rise steadly to 75 psi and at 2000 rpm pressure should fall off to 70 psi.
One final suggestion. If you have regulated, shop air available, you can test the oil pressure gauge against the reading on your shop air gauge by connecting it to the air line. Be sure your regulator is set for a value well within the range of the oil pressure gauge. 30 psi is a good start. Then raise and lower the regulator setting and the oil presure gauge vaule should read about the same value as the shop air gauge. I've done this many times and the readings should be close. If you have a bad guage, I may have an extra for you.
good luck,
Frank