There is certainly not enough oil pressure at the distributor drive to cause the kind of pressure drop that you have described.
If the engine is old there is a good chance that the mesh that covers the oil pick up may be sludged up.
Before installing the larger sump I used to get some oil pressure drop (gauge reading, not idiot light) under full acceleration IF the oil level was down a bit (full acceleration = sub 12sec 1/4mile so reasonably quick acceleration).
Common to 2TG (and 3TG and 18RG) is for the oil to get stuck up in the head area (massif holding bay and pathetic drainage).