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You did put the relief valve in pointing the right way? 
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As stated previously,especially with cold oil the drill should kick back on you.  If you aren't feeling that there there obviously is a problem.  One thing you can do listen carefully because sometimes you will hear a gurgling or dripping sound where the oil pressure is being bled off.  Are you running a roller cam in this motor?  What type of lifter are you running??
If you would like to PM me I can carry you through this a little further.  You also are more than welcome to call me at my shop (973)-267-4364.  
MB 
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thanks Mike..running a Liunati solid roller..either comp or redline/redzone/redsomething roller lifters..nothing new or exotic..really has me scratching my head..12 hrs till engine removal 
