5200rpm sounds high for an Olds engine unless it was specially built for it. At high rpms the Olds have a bad habit of leaving all of the oil in the the top end of the engine with usually a bad effect on the bottom end. You didn't say what impeller you have but if you are getting 5200 with an A your pump may need rebuilding as well. I have a '76 Tahiti with a 12JC with an A impeller with a slightly modified Olds (edelbrock intake and carb, electronic ignition) and get 64mph GPS at about 4700rpm.
There a things that can be done to the Olds to improve oiling (Bigger oil pan, restrictors in pan) but even so I would still try to avoid extended high rpm runs. Putting in a BBC is also a solution but can be pricey since you need to replace the exhaust, motor mounts, bellhousing, etc. Depending on how much you are in love with the boat and what shape it is in, it may not make sense financially. I debated for years about doing this for the Tahiti and finally decided just to leave it alone and saved until I could afford my Daytona 21 with a BBC.