Buy a real gauge first and formost. Change the oil. Drain it through a coffee filter as it drains. Look for any excessive metal. Possible has a bad oil pump or worse a bearing problem.
Not to discourage you from this forum defiantly hang around but there is a fair amount of info on these old motors on ford-trucks.com. Not as many guys that fool with them here.
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1996 F250 Stroke 5spd
Gearhead 6pos, 3" dp to 5" tail, 6637, Autometer Boost and Pyro, Homemade bars, SD E-Fuel, SD AD's, T500 HPOP, Valair Kevlar/Ceramic Single Disk, 3" Plenums, 300HP 500ft/lbs
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