Is there any correlation between the oil level and the oil pressure? Will the oil pressure go down as the oil level goes down?

yes

yes, II

Makes sense don't it.

Not sure I follow this one.
Why would the pressure be lower?
Aren't the relief pistons and springs there to maintain pressure?
Ok, I could see it if there is cavitation inside the pump,
foaming in the oil, thinner oil because lower oil levels makes the oil
run hotter, or perhaps that the pump runs dry during high revs or long turns,
but why in general would the pressure drop just because the oil level
was lower?

--- bill

The pressure will vary depending on the level only if the level drops enough that the pickup tube starts sucking oil...

Alternately, if having less oil in the sump makes the oil heat up more, the heat will thin the oil out so the pressure will drop.

Otherwise, no. The oil level has no direct relation to the oil pressure.

--DD

I agree with Dave. Oil level does not effect pressure until the pick up tube starts sucking air. Viscosity changes as the oil heats up and this effects pressure. Oil temperature has a more direct relationship to oil level. Less oil doing the cooling work of optimum level will have a higher temperature.

how many quarts does a 914 hold.....
I answered simple.
If he is low, the sump will suck air...the pump will cavitate and the oil pressure will be lower.

Rich