[donut]

It's reading oil pressure and not "pegged".
Mine will peg at 60 when it's cold. Warmed up it will drop some. Is it accurate? Obviously not, however it's not on my list of priorities as it will warn me of a failure, and the engine is not clattering at idle. In my mind, adequate oil pressure. This is a bone stock '86 with 110k miles.

Other than the gauge readings, any other oiling issues? Is the gauge somewhat correct?
If it bugs you that bad, return the gauge to where you bought it, and try with another.
Other than that, enjoy the ride.