oil flow dilema

I bought a '62 2A the brief owner drove 2 blocks from the shop and said the engine froze. (claims shop failed to re-fill case after oil change) when I got it home i discovered the engine turns fine, just not too fast so i did the following:
1. Installed new Hi Torque starter.
2. verified accuracy of the two existant guages
3. confirmed after market spin on filter adapter was properly aligned.
4. ran (5 seconds) with spin on filter removed (got 2 quarts on driveway)
5. ran (5 seconds) filter installed registered 40 psi but head appears dry.
6. back blew oil line to head (appeares clear)
7. tried new oil filter (no difference) also cut open 'original' ........ appears clean.
Engine sounds fine when ran with 40psi indicated but some squeak from valve train so i won't drive it. I also ran out of time to mess with it and am driving the series 3. Vehicle also came with what is prob the original engine also that is suppose to be good though i theorize is a 7:1 comp. ratio?
It is entirely possible some 'babbet' is blocking flow to the head (should of been stopped at filter) and perhaps one should expect more pressure (main/rod wear) anyway, i thought I'd ask here as a retired chief marine engineer i've seen some intuitive responses here though it's been a while. ps; the after market spin on adaper has ports for pre and after filter for filter differential pressure. pretty neat! My press guage(s) are in the original position indicating gallery pressure directly.