I was having an issue with the gauge going from the middle to max while i drove. Was concerned that it was actual oil pressure issue because the regulator is in a really terrible place to repair but it turned out to be a bad wire from the sender to the gauge. Another reason the wiring in this car is shaky.  I found at least 2 splices in that one wire from end to where it disappeared into the dash.

I'll paste in what i found about the pressure release from google and the Bible for reference.  Also of note the oil fill cap has a breather so that would keep the valve covers from going over pressure which I was also worried about given the oil leaks.

Happy to report the gauge is working great now and the wire has been tucked away from damage again. I did not replace the lug that plugs into the sensor but I hit it with some sand paper. For now that's good but I may replace the wire to remove the splice and new lug

On the Ford 2.8L Cologne V6 engine, the oil pressure relief valve is an internal component of the oil pump, which is located in the engine's front timing cover. It is not a separate, easily accessible part that can be serviced without removing the oil pan and timing cover. 

Location and function

• Location: The valve is situated inside the oil pump housing, which is part of the timing cover assembly at the front of the engine. A mechanic on a forum noted that it's located "approximately 2 inches above the mating surface of the pump at the timing cover".

• Purpose: Its function is to regulate oil pressure by diverting excess oil back to the oil pan. This prevents over-pressurization, which could damage gaskets and seals, and also helps to maintain a consistent pressure level. 

Troubleshooting a faulty relief valve

A malfunctioning relief valve is a common cause of oil pressure problems. Symptoms of a faulty valve can include:

• Low oil pressure: If the valve is stuck open or worn out, too much oil will be diverted back to the pan, causing low pressure and potentially engine damage.

• High oil pressure: If the valve is stuck closed, pressure can build up excessively, leading to oil leaks from gaskets and seals.

• Erratic or fluctuating pressure readings: Debris can cause the valve to stick intermittently, leading to unstable pressure readings on your gauge.