Did you put the right oil pressure sender unit in the car? Remember the Bonneville has two different types - one for the idiot light and one for the gauge, depending on what your car has. Also could be the wrong year/car unit.

Nope, it'* the proper "gauge" type sending unit.

Ok, please don't post the answer yet. Let me get this straight... the actual oil pressure was low, and it would happen while the car was not moving?

Oil pressure gauge reads 50psi at idle and cruising. Quick acceleration, however, drops the gauge immediately into The Red Zone. Bad. Engine speed goes up, oil pressure goes down; engine speed goes down, oil pressure goes UP.

When the car was not moving, at idle, oil pressure was outstanding.

What I am trying to find out is if it only drops on acceleration or also at high rpm while standing still.

Nope, only on acceleration. When I sat parked in the garage, I could redline it with no oil pressure issues.

Oh that'* different. Loose or broken baffle in the oil pan?

Nope. The only "baffle" in these cars is an integral part of the injection-molded pan gasket.

I give up.

oil filter was clogged?
your car was depressed?