oil pressure help

[iluvmy72]

OK...I posted this on the 88-98 section of the site and the bums gave no advice.......So i'm posting this question to the always reliable 67-72 area......Problem I've been noticing the last couple of weeks the smell of burning oil on the exterior of the engine area. I look down in front of the engine where the arms and joints are, and I can see newley wet caked on oil covering them so it looks as though a small leak is somewhere in the front area. And yesterday while driving I notice my oil pressure way low so like a dumbass I freaked and put 3 quarts of oil in the thing without checking the dipstick. Now it's way over and I've have to remove some. It seems to me I have a pressure leak somewhere....but where should I look first? and why is the pressure showing so low if it's so high on the dipstick?.....I have a 94 4X4 with a 454 and towe package.