Ralph - I got busy and am finally getting back to this. I had my machinist come over today and he brought an external pump (oil) which we used to back flow the engine through the filterhousing. The system with car off held a rock solid 50 PSI throughout the fill. Once finished we reconnected the oil pressure tester and got the above results. It appears that I had air in the system which was forced out by the back pressure. Car is running normally now. Oil pressure is 20 at first turn of key and goes to 65-68 quickly. Engine oil light went out immediately.
I think I am good now ... I learned a lot in the diagnostic process. FWIW, I changed the oil three times (30wt, 10/40, and back to 20/50) and the car seems happiest with the 20/50. I'm going to drive the car tomorrow and will let you know how it goes.
Cheers, K.