There are 2 PR valves.
One is the filter bypass valve that opens at 50 psid on the filter.
The other is the cold oil bypass valve. It opens at 75 psi and returns the excess oil back to the oil pump.
When the noise occurs and the pressure drops are the rpms steady or dropping too?
I bet if you disconnect your gauge for troubleshooting the noise goes away. It's not uncommon for lines, especially liquid filled, to transmit noises you would otherwise miss.
On my engine I cannot see or hear a change with the bypass valve opens, the oil pressure simply hits 75-80 and stops regardless of rpms.