Timbo---Regarding the oil pressure, 50 lb. at start-up is very low, as
is the 20 lb. when the engine is cruising while warmed up. Warm
temperatures and the viscosity of the oil can affect both of these
numbers, but unless your oil pressure gauge is faulty, a rebuild will be
necessary to bring the pressure up. Since this engine is undoubtedly
worn, continued driving isn't likely to cause further harm. Loose valve
guides can be a source of oil burning, but does nothing for the oil
pressure itself.
On the rear drive shafts, (and prop shafts) original U-joints were
pre-packed, and had no outside way of greasing them, but most
replacement UJ's come with grease fittings. It's possible that you might
still have some of the originals, or whoever put in the new ones didn't
bother to put in the fittings.
The splined parts of both axles must be separated, and greased "by
hand." If or when you decide to check/grease these splines, you can then
do a closer inspection of the UJ's.
Dick T.
'73
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