Hi Lib:
Congratulations on the truck! Hopefully you bought this truck out of a love for these vintage machines, and also a strong urge to tinker, rather than as a need for reliable day to day transportation.
What you have bought this truck for is really the key to determine how you should handle this.
What you have described is a very common symptom that may indicate one or more of several problems ranging from inconsequential to dire. That is why you are getting all kinds of different answers. You need to disregard anybody, include mechanics, who seems eager to diagnose this issue. If you follow that route you will end up replacing parts more or less at random until either the problem fixes itself, or you get frustrated and give up.
First you need to acquire great peace of mind. You may be dealing with a normal function of your vehicle, a bad gauge, a bad sender unit, the wrong viscosity oil, overheating, a vehicle displaying symptoms from a past severe overheating, a blown head gask, a bad oil pump, clogged oil lines, a failing engine (rings, bearings, what have you) a blown head gasket… or the curse of an ancient Mummy who’s eternal rest was once disturbed and who’s last remains were carried by your very vehicle!
It may be a combination of all of these things.
It may also be something else entirely.
What you need to decide is what you want the truck for. Once you do that, that will determine how you deal with it.
If you need good transportation that is reliable, I would recommend taking it to a trustworthy mechanic.
If you are seeking to tinker and fix it yourself, you need to decide how involved you want to get and what kind of investment in tools, time, frustration, elbow grease and money you are willing to make.
Do you just want to fix it up, and keep it running, or are you seeking a full restoration?
A good place to start to solve these questions and decide how to proceed is to go to Amazon.com and purchase the Chilton’s automobile guide for your particular vehicle, or the Haynes guide.
http://www.amazon.com/exec/obidos/tg/detail/-/0801976626/qid=1101781369/sr=1-1/ref=sr_1_1/002-9568390-4715267?v=glance&s=books
This will contain good basic maintenance and troubleshooting advice tailored for the specifics of your vehicle.
If you get into it, consider the shop manual for your particular model. This will be your Bible, and contain the information for you to do anything up to and including a total rebuild.
I hope this helps, and good luck.