Ken
30-40 PSI is not unusual on start up for a 216 with a cold engine particularly a tight reconditioned one. It will drift back steadily as the engine warms to the desired 12-14 PSI at a sedate cruise speed (they seem to run just fine on as little as 5PSI at cruise though a bit disconcerting for the driver).
What oil are you using? This makes quite a difference. Most people have marched on from the old straight 30 and I believe 10W30 or 20W40 is all the go now.
Some good mechanics might chime in with more ideas.
Lang
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