The plugs are only needed on the steel cranks because they are cross drilled and the passages enter into that crank pin cavity, so it gets filled with oil. Cast cranks are not made that way.
First, I assume by the way you talked, that you have some pressure as the RPMs come up? Second, you said everything was new, so is this a new build? If it is, you either have some bad clearance issues someplace (maybe rockers and shafts), or possibly the pump relief valve is stuck (or the pump is just junk), or maybe they forgot to replace the plug down in the distributor hole. That last one will cause the issue you described and is an easy mistake for guys that don't know the FE engines. If you pull your distributor out and prime the engine, you will see oil gushing out the hole about half way down, if that plug is missing. That hole is supposed to be plugged as it feeds the lifter valleys. If it's missing, it will require tearing the front of the engine down and pulling the timing cover off to put a plug in.