Ive had an autometer gauge that sat for a long time get weird on me a few years back. I verified the oil pressure with a different gauge, ran some oil up in the oil pressure line, rehooked it up to the autometer gauge and all was well.
Ive also had a main bearing go out in a 400 Pontiac that is acting exactly like you are describing. It only had a few thousand miles on it and my idle oil pressure dropped out of the sky to around 5 lbs but was still responding to throttle well. all at once it locked up hard, spun a main bearing and that was it. I would verify the gauge. If its good, I would pull the engnie and check it. Better to be safe than sorry here.
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