I would agree -- there is a such thing as too high, but you pretty much have to work to get it there (or turn about 8,000 rpm) You'd probably blow off your filter before you ran into more serious problems, although depending on the situation, blowing off the filter could be VERY serious.
Mine turns about 60 when I first crank it (383 roller) but drops quickly as it heats up.
If you're having trouble keeping the psi up, it probably points to some more serious internal problems, but there's always the cheap and easy redneck fixes (both of which I've used on occasion):
1: Up your viscosity. I've run up to 50 weight -- works great here in the South, but probably not so great if you're more towards the Great White North.
2: Monkey with your oil pump spring. Not the most sophisticated solution, but it will work, and it's free. It's amazing how much PSI you can gain from just a few tugs to stretch the spring. Again, not exactly SAE recommended, but if you're on a budget and are trying to limp things along, all it takes is a decent socket set and about an hour...