NO OIL PRESSURE! EEK!

Ok, I though my O/P gauge was just broken or misreading, so I decided to install an autometer (Phantom) gauge to check it. Everything went well, but when I started, the needle shot up to about 40-45 PSI. Then it began to drop till it read zero. I have 4.5-5 quarts of oil. There is NO motor noise, its running VERY smoothly. The only complaint I may have is the rockers are a little noisy. (SLIGHTLY more then normal, similar to the first 5 seconds of a cold startup). I don't get it... Is my oil pump done? Is my motor toast? Please give me good news! lol
 
Im swappin the pump no matter wat, Im taking the tranny already out, and the exhaust and motor mounts out too (long tubes, new trans/motor mounts and TOB bearing). Hows this oil pan gasket? FMS-M-6710-A50 at summitracing.com . Im getting a Melling stock replacement w/ a new driveshaft too.
 
Yeah sounds liek somethings up with the pump. It's either clogged or shot. Either way an oil pump isn't to much so if your ripen it apart you got it right and just replace it with another one. I would just get the upgraded pump shafts since their a little thicker/stronger.
 
Switch that oil pump ASAP!!!! Then start it up and see where your pressure is. I had a new oil pump die, and the car ran for a minute without oil pressure which was enough time to allow the cam to grind some clearance in the bearings. So when I replaced it I ended up with low oil pressure no matter what, and now the engine is coming back out. Do this first and make sure you didn't damage bearings, then if need be take out the engine with the tranny and fix this because you will destroy that whole engine if not.
 
dont forget a new screen while your at it along with a new oil filter (motorcraft) ........and have fun trying to do it in the car ......ive done this before it the stock K member is not forgiving