Lost oil pressure in 340

[gpeter7761]

Help Don
Crusing home the other day and I heard a funny noise coming from the engine. Put it in neutral and the oil pressure dropped way off. I shut it down and had it towed home. I'm going to use this as an excuse to freshin up the motor. I would like your advise on what to look for and possible changes to make for a mean street motor. Here is a list of what I know of the motor.
340 cu in
J heads uncut
Hyd cam ?
Rpm air gap manifold
650 mighty demon from you
Distributor curved and phased by you
Autographed FBO coil
904 with 3200 stall conv.
stock fuel lines to stock fuel mech pump
8 3/4 with suregrip and 3.23 gears
weighted the car at the truck scales at work 3000lbs
all in a 68 plymouth valiant
I'm run califorina 91 octane special blend from the local pump
or some 100 at $5.00 a gallon
at present little skinny 14 in street tires
I have about $3000 to spend right now for something mean to run on the street and cruise at Hot August Nights.
Thanks in advance your advice has always helped. ;D

[Don]

You might make your budget but it won't be a real screamer:
A stock rebuild is going to run you about $2500.00

Plus:
Any valves you might need
Guides
Good head gaskets
Oil Pump
Balancing
Decent pistons
Stock cam or regrind with a little more in it.

If you want it to rip:

Add about another $1500
That will get you a set of Diamond Pistons and rings, Racer Brown cam, balancing and a Performance Valve job.

Turn around time on this type of build is about 6-8 weeks from the time we get the parts.