I had this exact same issue with my '03 Silverado 1500 last year. You start the truck and the oil pressure is low around 20-25 psi with no change in RPM until the engine gets hot, then the pressure will jump up to it's normal range. This is due to the o-ring on the oil pick up tube where it connects to the pump. The o-ring wears out and will allow the pump to suck air until it heats up enough to expand and allow the pump to pull oil correctly. It is only a 15 cent part, but you have to drop the oil pan and remove the pickup tube to replace.
I had this done on mine and it was an instant fix. 35,000 miles later and it is still behaving like it's supposed to. I'm sitting at 336,000 miles now. Be aware that most shops will look at you funny when you tell them you want this done. Not many will know of this and will have a hard time believing you. They all say the same that it is the lifters going bad. The lifters do go bad and is a common problem but if it is behaving the way I described it is that o-ring and not the lifters.
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Today's Featured Article - Talk of the Town: What's The "Stuckest" You've Ever Been? - by Edited by Kim Pratt. Another great discussion from the Tractor Talk Discussion Forum. The discussion started out with the following post: "I was about 14 (part of the problem) when I got stuck. I was disking with a cab equipped IH 966. The window was dirty and I was driving into the evening sun. It was hard to see and it was my first pass down the field. I got the tractor so stuck that the underside of the tractor was resting on the ground. My uncle wanted
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