Harry, F100,
I don't have near your experience with rebuilding engines. I have only one car engine to my credit and it was a number of years ago. Prior to start-up, I did pull the distributer, and run the oil pump on a drill. Yes, it does take a little bit for it to come up to pressure. I also repeated this a month latter, because I was busy and the moter still had less than an hour on it. My recollection is, that it pressurized much quicker, given it was not a "dry" motor.
My non-expert opinion is that if there is enough pressure to get oil to the top of the head, it should be enough to get to most critical areas, such as the cam lobes and crank/rod bearings. I am not sure about the cylinder walls, though.
How about this? Has anyone looked at the oil pressure gauge while cranking using the decompression lever? Does it have any reading at all? Sorry, I can't test this till spring.