Really depends on your gauge readings? If it's a high volume pump and clearances are close to stock, you "may" be testing the waters...especially over time? That said, 65/70lbs @ peak rpm for just a quarter mile "should be safe imo.
This particular 340 car trapped @ 7000rpm's with 5.13 gears and ran on the street for years with no issues... View attachment scan0004.jpg
Keep the crank out of the oil. If the crank beats up the oil, and the air can't get out of it, the air-entrained oil is not the best lube, and will also make your lifters noisy, not to mention the loss of valve lift.
That's one reason for deep pans.
As mentioned too much oil will get whipped by the crank aerating it making it less effective and robbing horsepower. At the same time if your running a stock center sump pan with no oil control baffles and launch hard you may uncover the oil pickup on takeoff so watch the gauge real close on hard take off's because uncovering the pickup will starve the engine for oil which is really bad