Are you using the gauge in the cluster, or checking the pressure at the sending unit? If the cluster, the gauge is an electric one, so it may not work correctly without all the grounds and battery hooked up.
If you removed the pick up tube, did you use a new gasket, could be losing pressure right there.
Also, the 22r(e) is an interference engine, when the t-chain breaks it usually results in bent valves. If you didn't pull the head and check the valves and inspect the the tops of the pistons, your current effort may be a waste of time when you get it all bolted back together.
