Drained the old oil from the car this morning - it was very thin and pretty black.
Replaced the original bolt through type oil filter which was leaking badly with a new spin on conversion kit from ESM and refilled with Unipart PRO M 300 20W/50 oil which I found very reasonably priced in The Range and fired up.
Startup pressure was 60psi, hot running pressure was 40psi and idling pressure was just under 20psi. Looks like it was definitely the wrong oil and I suspect muppetry by the previous owner coupled with a partially clogged filter.
Glad that little scare is over and had great fun poodling around the town today.
Just got to fix a leaking heater control valve ( thought it was the bloody head gasket!) throwing water all over the bellhousing and fit a set of flashing indicators and we'll be good to go.

[frame]

[/frame][frame]

[/frame]