Here's the valve Brett asked as to what treatment you gave.
However you mentioned the filter retains oil so that tends to rule out the filter's drain back valve as well as this blocked filter by-pass valve.
Your problem seems more that the pump has to re-prime after a certain time has elapsed.
Can you go into more detail about the N1 oil pump build.
You'd be aware they have no non-return valve as such, simply relying on the porting and it is possible to install the gears facing the wrong way, which may upset the port clearances???
Now having said all that, 2-seconds isn't very long for the oil to pump up, but it certainly is annoying.