Bad answer alert!
Sorry, my last posting was total nonsense. This is what I get for going by memory instead of checking. This morning I took a close look at the block I'm currently working on, and saw that things were not as I'd imagined.
Here's how it works: The oil comes out of the pump, past the relief valve (which simply returns the oil to the sump if it opens) and then through the banjo bolt and that external tube to the oil filter. From there, it goes through the filter and into an oil gallery on that side of the block--just a tube that goes lengthwise from the rear to the front. From there, it's distributed to many parts of the engine. (There is another gallery on the other side of the block, as well.)
The fitting for the oil pressure gauge's tubing connects directly to that gallery, and it's quite a large hole, maybe 3/8" diameter. If you are not getting oil spurting from that hole, when you remove the connection, it seems that there are only a couple of possibilities:
1. The pump isn't pumping;
2. The relief valve is stuck open;
3. The oil isn't getting through the filter.
I suppose that the passageway from the filter to the gallery, or the gallery itself, could be plugged, but that would have to be quite a plug--the gallery is 1/2" diameter. The tube from the oil filter to the gallery is a little narrower, so a plug there is a possibility, but not very likely.
You might want to check the filter to see if it's getting oil; at least, then, you can be sure the pump is working. I'll bet you find it empty, though. Most likely thing, to me, is that the relief valve is stuck open and you're just pumping oil back into the sump. This might also prevent you from priming the pump by adding oil through the banjo-bolt hole--a lot of the oil might just run into the sump. (I'm less certain about this last point, however, since the channels in the block from the pump to the relief valve, and from the pump to the banjo bolt, meet fairly close to the pump. So, if you add oil through the banjo, a fair amount might still get to the pump.)
Sorry again about the earlier bum steer. Hope this helps.