Found someone with similar issue
"Installed on 2007 Tahoe 5.3 Flex. Had the hard o-ring issue on the oil pump pickup which caused low oil pressure for the first 10 minutes after cold start. In my slanted driveway idle pressure would drop to just above 0. Once the oil was nice and hot the o-ring swelled up enough and oil pressure returns to normal. Very weird issue. 156k miles by the way.
Since I had to drop pan anyway to replace the o-ring I did the oil pump as well. Left in the high pressure spring. Works great! Hot idle pressure with 5w-30 at about 38lbs is very reassuring all is well. I thought I had a little lifter noise at idle. If I did I don't now, very quiet. 55lbs or so on the highway."
I think he is talking about an old O-Ring that hardened over time? The symptoms sound similar, but you have a new O-Ring.
I know you can remove and plug the AFM Pressure relief valve successfully as Chris
@iamdub did that very thing on his delete.
On leaving the pump you have, honestly, I can't imagine why it shouldn't work. On the other hand, you do have some kind of issue and dropping that pan is a pain. If it were me, I would drop back to what is called out by Melling (I probably would just buy the OP and pickup tube bundle, just to be sure, all in an attempt to be done with that oil pan and gasket, once and for all).
I do think I would go with Melling's "High Performance" option though. You can always lower the pressure relief.