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The pickup is most likely not your problem ,but add 3 Qts of oil above full ,if it doesnt change the pressure its not the pickup. Drain oil and stick a wire in the pan to feel around for the pickup. Foaming is most likely due to moisture [water] or contaminate in oil. And of course check the gauge to see if its working right.
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This motor has had poor pressure since I started it for the first time..I have changed the filter..added extra oil, checked both the eletic factory gauge and the mechanical guage with no changes.pipck up is welded...motor is quiet and has oil on the top end..just looses most of its presure when hot..crank is new..rods are new..machinist is very qualified..we have recently fired 4 of his motors..2 L-78's 1 454 and my 427..the other three are perfect 60 psi cold 30-60 hot with good response to the throttle..it has to be the pump is no good..cant be anything else??