if your taking your block temp reading near the exhaust manifold of course it will read that high. I would say that is normal.
First look at the oil pressure sensor and make sure it is not leaking.
Then remove it and attach an oil pressure guage and get a physical reading to make sure it actually has pressure. I'm sure when cold the pressure will be high, around 50 or 60 psi maybe, then as it warms up it will drop to about half of that probably. It all depends on the condition of the oil and the weight used.
If you think the oil is breaking down then change it and the filter.
If the pressure checks out ok then replace the sensor.