1st thing to check is the oil level in the engine and if thats OK then I'd suggest measuring the actual oil pressure with separate mechanical gauge - this can be plumbed into the engine via the current pressure switch port -
If you do have a low pressure reading ( should be 3 bar (44psi) at 2000rpm) then replace the oil pump and ensure that the pump pickup in the sump hasn't come loose or is blocked
Also try removing the auxiliary drive belt and turning every pulley and ancillary ( power steering pump , alternator etc) by hand. All should turn easily (with the exception of the AC pump) with no grittyness or wobbly pulleys- If you do find a sticky pump / alternator then it should be replaced or repaired
If the engine is stone cold you can briefly run it with no belts to see if the noise changes or has gone away, this will help show if an ancillary is the issue
Examine carefully the condition of the bottom / crank pulley as these are composite construction with a rubber element and its possible this rubber is breaking up and allowing the two metal portions to move.
a lack of fuel pressure from the electrical pump at the tank.
If the connections to the pump are corroded or damaged then the pump could stop at any time or could not be running at full speed. Check that its relay switches in and out and the relay contacts are clean and bright – replace the relay if in any doubt and do the same for the fuse,
Ideally measure the pressure at the inlet to the carb (should be 2-3 psi) and if this is low check the pump as described and also consider changing the fuel filter as if this partially blocked this too will reduce pressure.
Matt, please explain how low fuel pressure would cause the car to lose power but then right itself after parking on the side of the road for five minutes. I checked the ancillaries. I will put an oil pressure device on today. I do not think it is a fuel problem. I changed the pump and filter about a month ago. I will check it but I don't see how this can fix itself by idling on the side of the road. It is as if the motor is heating up at normal speeds and loses power. Once I stop the motor seems to cool a little. Could be the oil but it has about 500 miles on the oil. This is a crazy thing happening and I would like to know if it could be a timing problem. Is there something in the normal operation of the engine that could cause it to overheat?