Two things:
On a cold engine the oil pressure will normally rise to the bypass value and stay at that value (at 5k rpm). ( I am also assuming that the 70# value is not at idle). For a warm engine (175F oil temp) I would expect the oil pressure to reach at least 100# (at 5k).
Secondly if you tap the gauge head and the oil temp and pressure fluctuates, I would look for a miscalibration factor there first. That is why I said to hook up a mechanical gauge first to ascertain what are the real values. This will give you a direction of what to fix first.
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