I'd remove the valve covers, spin the pump and slowly rotate the engine.
I know on a sbc, there is a plug that goes between the inlet and outlet to the oil filter, if it's not there or pushed up to far, oil will not go to the cam/lifter area. Pan must be removed to intall plug, it's near the rear main seal.
This happened to me when building my 383. Oil would not go up to dist/cam. But sill showed oil pressure, becasue I had my sending unit near the filter, and not up at the distributor.
I would think bbc would be the same. I'd have to check my assembly manual.
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