Have to ask, what oil pan are you running now?
The timing cover dipstick shows that the engine came out of a car originally with a front sump oil pan. Broncos have this issue with the front idfferential wanting to take the same space as the front sump, thus the rear sump was used. And the dipstick moved to where the sump is at.
I knew a guy who had a front dipstick on a dual sump (late crown vic?) and the mini supm in front had oil in it and read fine on the stick. The rear sump, where the pickup is at, ran out of oil.