Howdy Highz:
You likely have a sludge plug somewhere in the oil line to the top of the head. First off, what is the condition of this engine? Has it been apart? Has it had the head off recently? IF so it is possible to put the head gasket on backwards and plug the oil transfer slot in the head.
The oil to the head is pumped up along the #11 head bolt. It is the rear bolt on the distributor side of the engine. From the bolt hole oil flows through a transfer slot in the head and head gasket then up through the rear rocker arm staunchon to the rocker arm shaft. It then passes through a hole in the shaft to each rocker arm. Each rocker arm has two hole, one on each side, to distribute oil- one to the spring side and the other to lube the pushrod. Oil flows from the rear of the shaft to the front.
While this is a good solid, stable system, it is very easy to get plugged at several spots along the way. Any old engine deserves a good cleaning of the rocker shaft and rocker arms. But, If oil is not getting up through the head you will have to look deeper.
Here's a couple of things to try- remove the rocker arms by removing the 4 rocker stand bolts. Then spin the oil pump while watching the rear bolt hole. Oil should begin to ooze out of this hole. If it does, you will likely find a plugged up rocker shaft. If it doesn't you will likely find a blockage between the head and the block- either the gasket is on backwards, or the oil transfer slot is plugged.
Let us know what you find. I hope this points you in the right direction.
Adios, David