Don't do high on rpm's anymore. Keep it below 300rpm for now.
The "engine pressure" indicator is a poor indicator to rely on - it is a switch that just tells you if you have more than 5PSI or not, nothing in between.
My guess is that you might be starving the oil pump - typically happens when a truck is run long miles between oil changes, with regular cheap dyno oil and cheap oil filters.
Gunk gets deposited inside the small oil passages and blocks the flow. At high rpm, the oil pump sends all the oil "up" in the top of the engine, but the oil can't return fast enough - like a clogged sink. So soon, all the oil is deposited up (in the heads) but the oil sump remains without oil and the first to feel that lack of oil is the crankshaft (on lower part of the engine). The top part still has the standing oil (not good either, but still a better case).
Try changing the oil using 5 minutes before that a "motor flush"
like Gunk:
http://auto.howstuffworks.com/5-benefits-of-an-engine-flush.htm
After that use only full synthetic oil - has better detergents, keeps it's lubricating properties constant between oil changes.
Don't ever use cheap oil anymore. Ford recommended oil (Motorcraft) is a semi-synthetic for a reason! I know that some people think they know better than car engineers that wrote that specification, and will say "Wally oil works just fine". But believe me, on long term is not! Stupid people don't know that they are stupid. Eventually they blame the car for being ruined, have no clue that they are the ones that destroyed it.
They don't know that they don't know something. An engineer always thinks "is there something that I am missing here?"
Those engines were designed for regular oil 20W40. Then they moved to 10W30 to lower the gas mileage - but it needed to be semisynthetic because the design of the engine block didn't change. Eventually they prescribed 5W20, still semisynthetic, to comply with government CAFE requirements and then is where the things started to go bad (plus oil changes really need to be done at specified interval or even sooner).
In my tired V8 engine I have now 5W50 oil:
http://shop.advanceautoparts.com/p/...y-synthetic-motor-oil-1-quart-06250/8020612-P
Not cheap. But cheaper than a new engine.