"Pegs gage". What does that mean? What is the max reading on the gage - 100 psi?
You really need to use an oil pressure gage that will give you a more accurate reading rather than the gage in the dash. Normally these screw into the oil sending unit tap in the block.
Too much oil pressure (not good) can indicate that the plunger in the oil pressure relief port is stuck, or the spring it way too heavy. If the rebuilder used the Baisley spring, they may have used the LMR-004 rather than the LMR-002. The '004' is for race applications and is probably too much for a street build.
TQ