I took the 350 out of my 70 F. Back in 79. Oil pressure light was on. It had steel gears. However the oil pump pickup was clogged with the melted plastic. I replaced pickup engine was fine after ckg bearings. Also had 71 Formula 400,wifes driver from same dealer. No light but I pulled pan and put new pump,cleaned pan. Engine ran for yrs actually sitting in garage complete.Just my experience.
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