1992 LA 360 low oil pressure.

Boy, a lot of assumption having to go on here. I'll take a stab. With what info was givien, I'm going to guess that the cam was tight in the bearings, and, upon start up, they either spun or the cam just chewed them up. ASSuming they were replaced at all.
I'll take some pics of the bearings after I get off of work.