I just went through pretty much this SAME scenario on my truck. Tried all sorts of things, even installed a Melling high volume pump, but to no avail. At a cold startup, I had good pressure, just over 40psi. But after just 5-8 minutes of warmup, my pressure plummeted to below 20psi, and sometimes even below 10psi. I finally concluded that I had a slipped cam bearing. I checked it several times with a manual oil pressure gauge and I consistently had as LEAST 10 to 15psi more pressure at the oil port right above the power steering pump, but lower pressure at the sensor port in the rear of the intake manifold. Right before I started experiencing this oil pressure issue, I DID sort of "hot rod" my engine a bit. Could that have caused a slipped bearing? Who knows.... I finally tucked my tail between my legs and gave in and replaced the engine. I ordered a crate engine from O'Reilly Auto parts and had a guy install it for me. Not really a shop, but he is a retired mechanic with a "shop" in his backyard. I just got it back a few weeks ago and she runs great and has good consistent oil pressure. The guy did a pretty good job replacing the engine, my ONLY complaint is that he didn't paint the block. Maybe I'm nitpicking here, but it's a BARE uncoated cast iron block that's already covered in rust. IMO he could have at least sprayed some engine paint or even some cheap black spray paint on it or something. Hell, if I had known it was completely bare, I would have went over there and painted it myself if I had to.