I think you have something else going on. Even at idle, the passage in the cam will line up 10-15 times a second. You are not going to see that on a gauge, and particularly not a 55psi change within 1/10 to 1/15 of a second.
1st is a bad gauge. Do you have a known to be good gauge you can try?
2nd, maybe a faulty pressure release valve within the oil pump. If that 60psi is with the engine warmed up, then this is top of the list. A new engine won't idle that high, let a lone a 60 year old engine with some wear.
3rd, concerning the drop in pressure, maybe debris in the oil pan blocking the pickup intermittently.
Lawrenceville, GA