Chris,
You are right in your assumption that a small amount of oil is bled away when the regulating valve is closed.
When my car has been standing for more than 4 -5 weeks, I turn it on the starter motor, plugs removed, for half a minute or so, until pressure is raising on the instrument. So, it is nicely pre oiled.
You have nothing to worry when starting the motor, give it some time to build up pressure. You can always switch off. If you run it on the starter motor, you can check, with the valve cover removed, if oil is seeping from the rocker shaft and the chain tensioner.
The oil pressure is not critical, as long as there is oil transported to the crank shaft bearings, it's fine. While driving, within the "normal" range is fine, idling on a hot engine can be quite low, almost near zero. This is depending of the general condition of the engine (clearances) and the oil viscosity.
Attached the values of the oil pressure instrument of my car. We have to keep in mind that those instruments are around 90 years old and might not be very accurate. I think the "normal" range would be between 1.5 to 3 bars. If you adjust the spring tension in the regulating valve, just make sure that the instrument does not go to to the upper end of scale on cold oil.
Cheers
Karl