I have had this happen. My 327 did that to me. As bad as it sounds, drop the pan and make sure the pickup tube is still in the pump... after verifying the pressure, as DnStClr said. No need to get drastic with my way right off. If it is that low, pull the pan, if the tube is not out, make sure it is not sitting too low in the pan. I hope that this is not the case with your engine, but mine had 1400 miles on it and it ruined the bearings but not the crank. I bought new rod and main bearings, a rear seal, and a pan gasket set, as well as a HV oil pump, Steel sleeve pump driveshaft, a pickup tube, and some lucas assembly lube. I had about $100.00 into doinf the job. Sad thing was I cracked the heads and blew the engine 3 weeks later.
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