ok, i havent had the time to bring it to a shop, but i have seen quite a few lt1 wizards on here so i would feel better asking people who live and breathe camaros. my car when i start it is at roughly 45-50psi but will within a matter of 15 minutes or so start to decline down to 20 or so. if im driving it hard at all (wot) when i let off and come to a stop i nearly am at zero and my check gauges light comes on. when i give it gas again it will rise to about twenty or so.

at wot i spit smoke out the exhaust and backfire upon slowing down, dont know if they are connected or not but i would like some possible insight to what may be causing this.

 

Are you talking about oil pressure?????? If so, you will want to confirm your readings with a mechanical gauge. Since you are getting an erroneous reading and the check gages light comes on, it would appear the problem is in the gage/sensor area.

Is the smoke that comes out black or bluish white? Chances are it's black and that's fuel not oil and would account for the back firing.

The first thing you should do is pull the dipstick and smell the oil for fuel smell. If that's the case, you now know why your oil pressure drops to nothing and why it's backfiring. And then hope you still have main bearings left at this point.