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Be careful. The oil pump housing is part of the timing cover, and as such could be the problem. NOT the gearset, but rather the housing itself.

 

Also, how did you determine ZERO oil pressure?  By listening to the valves clatter?  Or by a guage?  I'd be careful before I trusted a 20 year old guage.  Also, be aware that old AMC's tend to burn number 8 exhaust valves (and number 1s too).  And finally, just as a reminder, 401s are externally ballanced, whereas 304s and 360s are internal.  That means the harmonic ballancer (which is shot on your motor) and flexplate/flywheel are carefully ballanced in lieu of the crank.


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