High temp, Low pressure
 

74 Charger, rebuilt 360 about 40,000 miles ago. New pressure and temp sending units, and both gauges worked until recently. Now It's consistently running with the temp gauge high (but not maxed out), and the press gauge on the low side. Any ideas on whether the issues are connected?

Not to sound like a silly question, but do you know for sure it's not running hot? More temp lowers oil pressure.

As the engine temp rises the oil temp rises and the oil thins out...higher temp equals lower oil pressure. If your running a clutch fan make sure the clutch/thermal part is still working.

The reason I posted the question was because I don't think it's running hot, which is why I'm confused. And, I'll throw out there that I'm aware of the relationship between temp and pressure, not to discount your advice, but perhaps it's something I don't know about. Thanks for the advice, and please keep it coming

Smell your oil and make sure it doesn't smell like gas. You could have a float hanging up and gas bypassing your piston rings.