My 85 silverado does the same thing,but made sure by hooking a guage directly to the motor.and it read good,asked a friend about it that worked for gm for 15 yrs and he sait they were always having problems with the guages in them,was usually printed circuit cause they were crap he said.there are 2 clips that go into the back on the printed circuit,sometimes the clips don't contact the printed circuit and the guage is then inacurate.you can also convert this guage to the mechanical one on the 75 chevys and run the tubing through the firewall and thread the fitting into the block,then you know your oil pressure all the time.After i checked with a propper guage,i just got used to my chevy having next to nothing or no oil pressure. 
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If Fall Guy only knew how many trucks i wrecked,He'd be proud
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1995 GMC SLE Ext cab 4X4 Z-71 loaded daily driver 87 k25 Fully Loaded inc captain buckets and console,12" susp lift,3" body lift 42"swampers
66 Cutlass 2dr hardtop currently undergoing frame off
55 chev 2dr hardtop awaiting attention
85 Chev silverado 1/2 ton loaded,daily driver(stolen)
80 chev silverado 1/2 ton farm truck
87 S-jimmy V-8,lowered ,Parting out
49 Chev 1/2 parting out
parting numerous 73-80 chev trucks
01 Polaris edge X (highly modified)
58 NSU Prima scooter awaiting total restoration
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