So if this is an issue that's caused by a screwy thermostat and a bad radiator, what caused the oil pressure to drop like it did?
The hotter the oil, the thinner it gets.... so to speak....... if your coolant got to 220, then the oil got to at least 220....
Look at cold idle oil pressure, vs hot idle oil pressure.... hot is less, because the oil is thinner.... so in your case, the oil was hotter than you normally see, so it got a bit thinner, and the oil pressure dropped some.
I've seen this in the past, we had an 85 van...... if your ran at 55, the engine temp was lower, and the oil pressure was higher than if you were running 80. The temp was up, the oil pressure was down..... not enough to hurt anything... but enough to make a difference on the gauge........
If I remember right, when Gary popped the freeze plug, his oil temp went WAY up...... like pushing 300 up...... now his engine temp gauge didn't reflect this, because there was no water on the gauge sender.......
Personally, I would fix the cooling issues (thermostat and radiator) change the oil, and take it for a drive..... it should be back to what you normally see..... however the engine temp may be lower with a new radiator and thermostat.... and this may make the oil pressure a bit higher......