Eureka.
4 hours to take the engine out and take the water pump cover off the front of the engine.
As I suspected, the grub screw blanking the oilway just past the oil pressure flange, where the sprocket for the layshaft is located, was missing, so oil was going straight back into the sump rather than up the oilways in the block.
Quite who took out that grub screw, when, and why, I have no idea.
I must have built this engine over 3 years ago, and if I had taken it out, I would have seen a grub screw lying about when the engine was built. It could have been me or the PO, but hopefully this is all that is wrong, and I have caused no damage running the engine for about 3 x 8 second bursts, with a long gap in between.
It will take me a while to clean it all up and screw it back together again and time the distributor, but it started very easily this morning before I took it out, so I should know fairly soon if it runs properly without any damage to any bearings.