That sort of PSI while driving is fine for a fresh engine. Its that sort of pressure while idling - hot - that can be problematic, because it means your pressure goes up to 70 and beyond while driving. It can cause excessive wear on the oil-pump drive gear, cost horsepower, and even cause oil filters to explode.
The common metric that's cited for Gen 1 & 2 SBC's is 10 PSI per 1k RPM - hot - for a well-used, but still healthy engine.
Verify the pressure with a mechanical gauge. Then if it still reads high at hot idle, the relief valve on your oil pump may be stuck closed.
Last edited by AtlantaDan; 09-30-2016 at 08:27 AM.