Alas, the oil pressure sensor is working properly. Pulled it out, saw a spec of sealant near the port, but it was just debris from removing it. I tested the sensor with compressed air and 60 PSI of air read 60 PSI on the dash.
Cleaned the sensor, cleaned the port in the block, and reinstalled. Still showing 17 PSI on a stone cold start, when it used to be closer to 60.
I've got it parked out of the way at the farm, and when I finally get some time to play, I'll pull the oil pump. That will let me test the pressure relief and the gerotor itself. If that all looks good, the engine will come out. That feels like a good excuse to put better heads on it, and probably a more aggressive cam.
With work travel and other plans already in motion, I probably won't get to start the teardown until June.
Still can't figure out why it sounds perfect, though. Oil pressure is ass, but the engine sounds exactly like before, happy as a clam.