Yesterday, I removed the pressure release valve and took out two shims. I also changed the oil for SAE40. This dropped the cold pressure to about 60psi/65psi, at a fast tickover.
What I do find interesting is that within about a minute, the cold oil pressure starts to drop quite quickly, as the oil starts to heat up. I know this is obvious, but it is how quickly that the difference in readings happens that suprised me.
I went for about a 30 mile thrash, and most of the time, the engine was making just over 10psi per 1,000rpm, for example at 3,000rpm, 35psi to 40psi which I was quite happy with, but by the time I had arrived home, it was just under 10psi per 1,000rpm, for example at 3,000rpm, 25psi, but this was on a very hot engine.
As I understand it, putting shims back in will not alter the "very hot" oil pressure readings, so I suppose that although not worryingly low when "very hot", my only solution to this would probably to put back some SAE 50? I'll probably give it a couple of more runs before I make any decisions.
Just out of interest, I had used the "Mick Hemmings" method to end up with two shims in my pressure release valve. Mine is an after market stainless steel version. I don't know if that is likely to make it different in its characteristics to a proper Norton type. I wouldn't have thought so?