I'd put my money on Peter Toet assisting with diagnosing over the phone. Call him on 2 6258 4975

...and by the way, on the MGB I mentioned, the symptoms were different - oil pressure one minute, then no oil pressure, then back up again. We were sure it was gauge associated, but when you are running 8000rpm on the racetrack, you gotta be sure. Turns out this was partially heat induced (gear got hot, expanded and then separated from shaft), so look very very very closely for signs the oil pump shaft at the oil pump gear is not getting hot, gear enlarging and shaft spinning....

First, there are plenty of Australian folks who can be of assistance. Are you familiar with the Packard Club of Australia? Where are you? Worst case I know an American Packard expert that is trespassing on Australian soil this week, "on vacation". But I also know this probem is solveable - just please don't start the engine, or even turn it over much while trying to diagnose. As to the oil pump, there is a relief spring behind the large single bolt that is crosswise to the other 4 at the "cap" of the oil pump. Possibly this spring has broken and is "relieving" any pressure at all? Second, the oil pump is driven off the cam, there is a gear pinned to the bottom of the pump shaft. The distributor seats into the center of this gear. Since you infer the vehicle still runs, I will surmise the pump shaft is turning, meaning you have not spun the gear at the camshaft end. Even if the internal oil pump gears were worn, I suspect there would be some pressure to register, and I suspect you are testing along the 4 oil galley plugs above the oil pump, one being where the oil pressure line is now, so I will surmise you have eliminated a gauge problem. Yet you say you were driving this with NO oil pressure? YIKES! OK, how about remove one of the galley plugs and crank the engine a few times - must be pushing some oil out? how about the filter at the other side of the engine, over by the generator - any oil moving there? NO oil moving...well the only thing I can think of is the oil pump gear must be spinning on the oil pump shaft. I don't know this to be common the 120's at all, but I have seen it happen on MGB's....so its definitely worth checking - remove the oil pump cover, gears are visible plain as day - possibly it will be obvious, like maybe the pickup pulled up something that jammed the gears, and shaft spins but not gears? For my two cents, I vote you have an oil pump issue, most likely the gear is spinning on the shaft, but hey, my vision is a little bit blurry from here... please report back, thats what this forum is for.

Re: Venting - no problem on being a messenger, it just that getting rod bearings for this project has been an ordeal.

look at the 11 oclock position looking towards the back

"Soon" as in 'when', 'what year', 'mabe', and 'wait'. Thats what instigated this project. Also 'cost'. Yes, this is venting.

Russell - This is indeed a volatile topic that I will not debate, however, I will add two comments - first, I have firsthand knowledge of a project underway to provide new 35-39 style insert bearings with the original style flange. This is the first publicity leak on this project (and I mean new, within the last 30 days), contact me directly if you are considering going this route. Anyone else interested in new Original style bearings is invited to contact me as well. There will be no never ending "waiting list" for this project. The bearings will be available, period. No stories.
The second comment is I happen to have a set of uncut original rods for this original (later style) insert bearing. It is my rods and original bearings that are being used to validate this new production. flackmaster@sbcglobal.net directly please.
This oughta' to stir the (babbit) pot....

I can imagine the frustration. The coil should be easy to check: no spark = no engine runnin'. If you consider the history of Packard coil locations from the early 30's to 40 you will note from atop the engine to aside the engine to the horn bracket and finally back to the firewall in 41. Does that give you a sense that hot coils are not a good thing? Is there such a thing as a "weak" coil? I am told so, but I am not an expert in this area. Obviously a fresh set of points and condensor are cheap and easy.
Spark Yes, Fuel No = Fuel delivery issue. Do you have a fuel pump and/or a carburetor heat shield? Is the insulator gasket present between your carburetor and the intake manifold (its 1/4" thick, not just the thin gasket), along with a heat shielded fuel line. These are elements of the street term "vapor locking" which with todays alchohol fuels makes our cars more susceptable to fuel "boiling" problems.
Fuel pump strong? Not normally heat affected from my understanding. Is there a fuel filter that needs changing somewhere in the system? Please consider properly installing an electric "backup" pump.
Finally, and this is important - check the heat choke valve in the exhaust manifold - that heat spring weighted shaft thing above the exhaust pipe. If this is stuck in the closed position, as soon as the engine really starts to warm up, you could be diverting a huge amount of heat up, where you don't want it any more, contributing to cooking the fuel in the carburetor.... Well, this is an open forum for armchair quarterbacks, so that's my .02 worth. With a few more clues, I am confident you will get more than a second opinion.

And the 1940 160 Limo assigned to Admiral Nimitz when in Washington, DC is alive and mostly well with a friend of mine, still with Naval serial number painted on the underside of the hood.

Purolator L-8. Up to 39 Senior cars oil filter, I think from about 33 to 39. Also fits some of the other classic era cars, but more to the point, the core value of this is about 50 bucks is due to the demand for spin on oil filter conversions. There are at least two fellows doing this, cut in half, install a cast/machined aluminum adapter plate for a standard Ford filter, and add threads to each half to put back in original location....