hi, i would see what spring is in oil pump bypass and put a heavy spring in. you will get 70 psi cold and should help hot pressure easy thing to try. 55 cold sounds low to me
I'm pretty sure the bypass (unless it's totally messed up,) has no effect on low pressure. Basically it will bypass at certain psi, like 70 or whatever the spring it has. Putting a new spring isn't going to do anything for low pressure.
What lifters did you use? Could be a leak at one of the oil plugs in the front. Who put the engine together? Do you know the clearances?