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Just some comments about low oil pressure, as I had never seen this problem/solution posted. In an older 240 I had trouble with engine overheating, and after changing everything in the heating circuit(radiator,thermostat,etc), I checked oil pressure and it was very low. Expected the worst, and dropped the oil pan and checked rod and crank bearings, and oil pump, and everything was fine. When I pulled the oil pump I noticed the Oil pump o-ring had partially failed(extruded out on one side), and the oil from the pump was mostly recirculating back to the oil pan, with resultant low oil flow going to the engine causing both a low measured oil pressure, and problems with overheating due to low oil flow to the engine.
Changed the oil pump o-ring, about 50cts at FCGroton, and everything worked fine.
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