I have the semi-circle type indicators on my dash. The oil pressure rides in the normal range at idle but stays buried at the max under acceleration and while cruising. Is this a problem or is it normal?

This might be a problem if the pressure is too little or too excessive for the given engine speed. After idle, you should have a little under 10 psi for every thousand RPM (So I've heard). Checking your filters and pump might be a good place to start.

If the needle buries at higher speeds it usually indicates a bad sending unit.