I'll add in a few more comments about oil pressure to the excellent responses already given.
Oil pressure can also be effected by fuel in the oil, which makes the oil thinner, and consequently reduces the pressure, and also by something which a lot of people do not realize..... The quality of the oil.
So first of all, I would make sure that the carb is not over-fueling and you are not getting fuel wash down in your engine. That will not only effect oil pressure, it can also do some major damage to the engine.
Secondly, it is a characteristic of engine oil that the pressure will be higher at cold start-up because the viscosity of the oil is heavier. Viscosity is a term used commonly as "thickness" which is partially correct, the correct description is "viscosity is a measurement of resistance to flow." after the engine warms up, the oil pressure should drop to within normal parameters, but the higher the rpm's are, the more pressure you are going to show on your gauge. It is not unusual in high performance v-8 engines for example to get readings of 80 to 90 lbs on the oil pressure gauge. But for standard every day drivers, that of course would be much lower.
The higher quality engine oils, like swepco's will reduce the amount of oil pressure when the engine is started up cold, and raise the oil pressure when the engine is warmed up, that is the way it was designed... It would be impossible to have the oil pressure the same at cold start-up as it is on normal, or hot engine temperatures, that is the physics play out.
I never recommend 10w40 engine oil in any engine as the vi improvers used in that weight go away rather quickly and it leaves you running on a 10wt oil.
The swepco 306 engine oils in all weights (except 5w30) will have a very high zinc content, and only meet the api rating as high as "sl." phosphorous and zinc (zddp) give more protection against wear, and the newer "sm & sn" rated gasoline engine oils are designed more for newer makes of engines (since 2007) and have much less additives it those formulations.
I see that you are in utah, so I don't recommend using 20w50 year-round, go to 15w40 which is actually rated for use between 4 degreesf and 120 degreesf - you May even want to go to 10w30 during the winter if your vehicle is not garaged.
Swepco 10w30 engine oil has a pour point of -31f, the 15w40 is -27f and the 20w50 is -4f.... That means that the oil will still "pour" at those temperatures, but is is still going to be heavier than it would be during the summer months, in fact 10w30 might be a good choice for year round use in your location, but it will not have the higher pressures you are looking for, especially after the engine is warmed up. The pour points mentioned are very close to most of the so-called "synthetic" oils on the market, but many of those also have a low additive package.
Hope that helps many of you out there.