Just an uneducated guess, but I would think (like was previously mentioned) that if it is jumping around that quickly on the gage it may have the pump exposed to air. Maybe the pick up fell off?
The way that I usually check for main bearing "leaks" caused by wear or excessive clearance is to drive the vehicle on the highway with the oil hot and hold a steady RPM at say 55 mph in high gear. At that speed say you have 50lbs of oil pressure, now if you put the petal to the floor in the same trans gear the engine will see a major increase in load with little increase in engine speed. This increase in load will try and "push" the crankshaft into the lower main brg and possibly expose more of an aperature on the upper main brg.. Typically a normal Chev main is only grooved on the upper half. and if the clearance is excessive this will allow a major loss of oil and generally a rapid decrease in oil pressure. If you let off of the accelerator the pressure will return.
If this test (with hot oil) does not show a drop in pressure (assuming you have an accurate and properly plumbed gage) I usually think the mains are not a source of pressure drop.
Thats just my test, so dont thinks accurate but its typically held true for me.
Good luck
Jeff