FirstFord,That just doesn't make any sense!
Your engine is turning in the same direction and somewhat the same RPMs in either forward or reverse.
The only thing that *I* can think of is perhaps the wire from the sending unit to the in dash guage is hitting something in your shifting linkage and that there is a partial break in the wires. When the linkage goes into reverse it stretches the wire a little so that the fibers of the wire can't carry enough current to the guage.
I Hope this makes sense.
Overall, the in dash guage is electrical and gets information from the oil sending unit in the block. They are prone to go bad (the sender). You can get a wet oil guage and thread it in to get a more accurate oil pressure reading.
You may want to read this thread, where another forum member found a solution in the use of a wet oil/mechanical oil pressure guage.
http://broncozone.com/forums/index.php?s=&...ost&p=72684
By The way,
Please consider going to the "my controls" and creating a signature file and put your truck's statistics in it, such as year, engine size stuff like that. This way we can give more specific information if it is pertanent to a particular year or engine.
joe