The SBC oil pump is a dual gear Positive Displacement type pump.
It is capable of pressures up to 1k +/- if the relief valve would allow it.
This same relief valve controls pressure to a nominal 45-70ish range when the oil is cold (depending on oil viscosity).
As the oil viscosity changes with operating temperature, it should be more like 45-50ish max.
Some of the experts suggest that any pressure greater is unnecessary and not recommended for our SBC marine engines.
Years ago Bill Jenkins wrote a great article on SBC oil pressure and cavitation.
While it mainly pertained to high performance engines, the theory could be used for any SBC.
......
Wish that I could find that article.
I'd be willing to bet that either your gauge or sender is faulty.