1. Run 6 - 7 quarts of oil in the 5 quart pan, along with a Ford windage tray to keep oil off the spinning crank.
2. Restrict oil to the rocker shafts with a 0.70" to 0.90" orifice on each side. With stock heads you can just drop a Holley jet of the appropriate size into the oiling passage in the heads.
Also very strongly recommended, although not absolutely mandatory in a street car, is an upgraded oil pan. I'd recommend either the Milodon stock replacement 5 quart pan, or better yet a higher volume 8 quart pan.
There are a lot of other things that you can do, but these two things are the most critical items. If you do this you can live with a standard volume/pressure oil pump, the stock size oil passages, the lame factory oil pan, etc.
Don't think that all the internal passage modifications will improve the oiling system if you don't take care of these first critical items. On the dyno I found out that three quarts of oil are circulating in the engine when it is running. No matter how free flowing your oiling passages are, if you launch the car with only two quarts in the pan, you will starve the oil pump pickup, and the bearings will be momentarily without oil. No oil passage modification, or high volume/pressure pump, will overcome this problem.
See my article in the August 2008 Car Craft for more information:
http://www.carcraft.com/techarticles/ccrp_0808_ford_390_fe/index.htmlJay Brown
1968 Shelby GT 500 Convertible, 492" 667 HP FE
1969 R code Mach 1, 490" supercharged FE, 9.35 @ 151.20, 2007 Drag Week Runner Up, Power Adder Big Block
2005 Ford GT, 2006 Drag Week Winner, 12.0 Daily Driver
1969 Ford Galaxie XL, 460 (Ho Hum....)
1964 Ford Galaxie 500, 510" SOHC