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If the plug was installed in the horsontal line to the main oil line you would still have oil pressure from the pump but it wouldn't go across to the main line. You have 2 plugs back of the block where to pressure sender unit goes. remove the side one and see if you can stick a screw driver in there about 6in. If it only goes in an inch or so there is a plug in there. I had one of those blocks last year that had the same problem. On mine some one had tried to remove the fuel pump push rod bushing and broke It off and it was blocking the main oil line. Hard thing to find. Walt