Hi Dave P,
There are probably several things to check??
""Rebuilt engine""
Has the oilpump been overhauled??
Has the builder been over generous with the gasket sealant?

I would remove the sump plate and check for crap in the sump and in the suction pipe going to the pump
Is the suction pipe tight in the crankcase?
If theres a magnetic sump plug fitted is the magnet positioned AWAY from the pickup pipe??
I have seen the ball held shut by an over strong magnet

Check for any restrictions in the oil return pipe, and the one inside the tank
Have the correct rocker oil feed bolts been fitted? these have a very small restricting hole in them, same type bolts with much bigger holes used on B31/33 oil drains and Goldie rocker feeds
Has an inline filter been fitted? is it connected correctly??
The list could go on

HTH
John O R