Guess what, its hot in Texas. The hotter the
oil the lower the viscosity and the lower the
oil pressure. Check you
oil pressure when cold, and see what you find. What viscosity are you running? Low oil pressure is usually attributed to bearing clearances in the main, rod and camshaft. I would not worry about the metal flakes, probably nothing. That being said it is a 5 minute job to pull the distributor if you know what you are doing. Turn engine over to top dead center on #1, to make sure you are not 180 out make sure your timing cover pointer is at zero. mark orientation of distrubutor to engine and rotor to distributor. As long as the rotor is pointing to #1 on the cap when installed you are good to go, if you get the whole dist off relative to the engine your spark plugs wires may not hook up. Start up set timing.