When I rebuilt my sr in the spring I had a hell of a time getting the oil system to prime and build any oil pressure. It required a well charged battery and continued cranking to finally get any oil to come out of the cam oiler bar and read pressure. Added up it was probably 5 minutes of cranking(not continuous of course). It may be that the pump isnt primed yet. However, since you are getting a reading, albeit low, this may not be your problem.
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