[Gearhead999]

Sounds like you may have something broken. I mean really broken. Like a piston.

If the oil is sprewing out of the filler cap, you have too much crankcase pressure.

First, see if the PCV is working. If it is OK, then either the rings are worn, real bad or something like a piston or piston ring is broken. For it to push oil out of the filler neck.

The regulator is on the oil pump it self. No easy way to get to it.

All this will not effect oil pressure though. Unless there isn't any oil in the oil pan for the pump to suck up and pump.

Have you put a direct reading gauge on the engine. You attach it where the oil pressure switch is. Take the switch out, unscrew and screw in direct reading mechanical gauge. This will tell you what you have with no BS.