Oil Changes With An Oil Cooler

[Rickd]

Just have 850 miles on my new ERA and ran her up on my new $45 Auto Zone rubber ramps for the first oil change this morning. The oil level was normal, and a 302 (331 stroker) holds 5 quarts - that is my understanding. Allowing 1/2 quart for the oil cooler and 1 qt for the filter I expected to "drain" 3.5 - 4.0 quarts. Being psyched for the "virgin oil change" I drained and immediately poured in 5 quarts of new KC recommended 10W 40 Castrol, and then checked the oil. Much to my surprise it is about 3/8" to 1/2" above the MAX line. I deposited the OLD oil in the empty quart bottles and I had removed ONLY 2 quarts!!! Cranked her up and oil pressure is at almost 60 at idle, rather than the normal 40, and at 3000 rpm comes close to 75. I'm heading to a marine store for a small pump to pull some oil out via the dip stick rather than "pull the plug" on the oil pan. I assume it is not a good thing to run the motor with a quart to quart and a half too much oil - but what specifically would be the result of running with too much oil and too high a pressure?? Thanks. Rickd in Miami.