My high oil pressure readings have lead me to inspect the by-pass valve. Perhaps what I noticed is of no consequence to the matter but I want to put it out here just in case.
OK- Here it goes!
1st picture shows the area where the by-pass plate gets installed. Notice the hole in the block.
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2nd picture highlights the by-pass in the plate. Also highlighted is an "X" stamped at the opposite end of the plate.
My question(s) ... Should the by-pass get positioned in a certain way? Should it be as close to the hole in the block as possible? When I removed it for cleaning/inspection the by-pass was at the opposite end of the hole in the block and the "X" was closer to the hole in the block.
Also, what I found of possible interest ... the by-pass plate's mounting bolts were different, which leads me to believe a previous owner was messin' with this set-up at one point.
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Thanks to all who have helped with input and information.