Hey Shawn -
I generally agree with you - In my very limited experience with engines, I have read that my oil pressure to be at least 20psi - but if you dig around on various Chevy forums you find a number of guys getting 10ish PSI on fresh rebuilds. A lot of folks over there seem to think that if the clearances on the crank bearings are just a bit wide, 10psi isn't a huge issue, as long as pressure rises with RPM. In fact, the "oil pressure light" doesn't come on until 4-6 psi on most old Chevys.
I don't know how much I buy this as truth but the old "rule of thumb" was always 10psi per 1000 rpm. If that's the case, mine is still borderline, but "acceptable"
Definitely not saying you're wrong here - because even if mine is acceptable, it's borderline, just playing devil's advocate.