Make sure the intermediate shaft turns easily.
So the car has been moved to Rocky Mountain House at my good friends parents place. I'll have access to a lift as well as old man mechanic knowledge. My pops came down yesterday and hauled it back for me. Some would call it progress, sorta. At least it's not on the street anymore.
Well, progress made once again. The loss of oil pressure was likely due to sludge buildup in the oil filter. I make sure to always use Mann filters for this car and it may have been a combination of sludgy oil and/or faulty bypass valve in the filter. I installed a cheap one from Canadian Tire for testing purposes and hooked up a pressure gauge directly to the filter flange (in place of the pressure sender) so I could monitor the pressure at the source. I'm now seeing roughly 18psi at idle and 25psi at 2000rpm, which my mechanic friend tells me is to be expected with this engine. Either way I'm glad it was a filter issue and not something internal. The thing purrs like a kitten again now.I'll be heading back up to work on it again in the next few weeks so I hope to snap some more pics and get a video of it running.