Fresh 8BA oil pressure problem

[40cpe]

I would tend to believe that the initial low oil pressure was related to the oil pump relief valve not seating. It sounds like the puff of smoke at the exhaust is what made you look at the gauge again to see the higher oil pressure. At this point I would be more concerned about the puff of smoke, was it white or oil blue? I would run it some more to get some stability and see if the smoke goes away or gets worse. Watch the coolant.