On the way home I noticed that my oil pressure gauge never got above half way(40 psi.) It hovered right around the first bold mark (20 psi.) The best way I know how to describe it would be, if you have ever seen the tach on a real lopey cammed car, how it jumps back and forth, that would be it. I did not notice any changes in the way it was acting when I went up and down hills, or on accel and deccel. I have not checked the oil level as I just got home and the motor is still hot. I will chcek in the morning for any puddleing or major leaks. Any other ideas? Thnx guys.

 

could be the sending unit.

 

Yep, that's what I think too.

 

I just went through the same headaches and discovered it was a broken sending unit. On my 94 z28 it's located right below the EGR on the back of the intake. There are two types available, one has a larger diameter male threaded end than the other and mine took the smaller one. Of course when I was at the auto parts house I figured being it is the z28 it surely takes the bigger one--WRONG. Now the bad news, IT IS A PAIN IN THE *** to access so good luck. The job is much easier if you can find a DEEP 1-1/16 socket and then use adaptors to be able to use the smallest ratchet possible.
Good luck