Let me add a little information into the question.
I have worked on Trayson's boat quite a bit, including the transmission swap. I can verify that with the PCM351 (Ford 351w) that the sump is towards the stern.
Art, we are not running at 7000RPM while surfing, more like 3000-4000RPM.
The issue isn't one we considered with it, until my dad came out with us, who is an auto mechanic, previously a boat mechanic with his own boat shop, and used to build Ski Brendellas. He is very familiar with the DD platform and older engines in general.
This was his first time being in a boat while it was underway in a surf configuration. He had 2 concerns about the engine while the boat was listed.
1: The oil pump may not be adequately picking up enough oil and poorly lubricating the engine.
2: If it was, because of the angle, the starboard side of the engine may not be getting properly lubricated.
He suggested we look into it and possibly look into getting a higher flowing oil pump to ensure proper lubrication.
I am aware of the problem of overfilling it and the crankshaft frothing the oil making it lubricate poorly. My personal thoughts into it are, without tearing the heads off to check for excessive wear between the two to verify the problem, or pulling the engine to get to and replace the oil pump, that running an extra 1/2 quart to be on the safe side would be a good idea.