Wait a minute, before getting too crazy. I gather from the title of Morton's "oil pressure test" that this is a newly built engine -- a 2332. So I'm guessing we're talking a new crank and new case and new flywheel. Thus the tolerances should be all "new".
The problem may be as simple as he is not pulling the flywheel tight enough to seat against the end of the crank properly. There could be a number of reasons. I have experienced the first three of the following:
1. As I mentioned above, he may have gaskets between the flywheel and the end of the crank (you know that variety of gaskets that come in gasket kit?). If he has any of those gaskets, the ones with the dowel holes in them, he should remove them. They will increase the thrust distance.
2. Maybe his gland nut is too long, and bottoming in the crankshaft before pulling the flywheel tight. Or, maybe his gland nut washer is too thin, causing the same thing. Or, maybe a combination of both.
3. Maybe he has a dowel(s) that isn't seated fully into the crankshaft, or is too long and is sitting proud of the flywheel surface under the gland nut washer. Those dowels have to be lower than the flywheel surface when the flywheel is fully torqued.
4. Or as mentioned before, he could have no shims installed. I'm thinking that's not the case, but if it were then an end play of .047 might make sense. It is still a little large but within the range of correcting with three shims (the thickest being .0142
Regarding oil pressure video. Run the starter longer. Just for fun I went out to the garage and simulated your test. On a cold engine w/ 20-50 weight oil my oil pressure looks exactly like yours for the same period of time you are cranking. With in a few seconds longer it starts moving quickly from 20 up to 40. Of course I have 20,000 miles on my engine so maybe my oil pressure isn't new build awesome. But I don't have any pressure reliability problems.
If your pressure doesn't ever get past 20, you might want to look around. Is your case machined for "full flow" oil routing to a remote oil filter? (Probably any case machined for 2332 is machined for full flow.) If so, did you plug the output hole in your oil pump like you should have?