10W40 too light?

would too heavy reduce oil pressure a bit also?
Depends where you are asking about.
At the pump, no. If any thing it might go up since it may be more than the relief valve can blow off. We see this when an engine is cold - especially on engines where the pressure gage is located close to the pump (such as a small block or AMC).
But at the gage on the back of a big block, I'd say its definately possible. Possible because its showing pressure after the cam and crank bearings have taken their share of the volume.
In which case, lower pressure would indicate not enough volume is making its way to the top.

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