In the Mercruiser manual for your engine there is a chart that tells you what the resistance should be for the oil pressure sender at several rpm. The manual can be found under Documents of this site.
Next you can use a manual oil pressure gauge to verify the pressure. Worst case is the pressure relief valve is sticking on the oil pump.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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