The 4.0L oiling system has a pressure relief spring that limits oil pressure to either 70 or 75 psi. If the gauge actually hits 80 (or higher), the gauge or the sender is definitely wrong. Sender is more likely. I have 242,000 miles on my '88 and I'm on the fourth oil pressure sender.
Just to be sure we're all on the same page here, bear with me while I review some fundamentals.
1. Oil is thicker (higher viscosity) when cold. It is NORMAL for the oil pressure to be higher when you first start the engine after sitting long enough for it to cool down. With cold oil, 50 psi at idle and 60 to 70 psi at road speed is not unusual.
2. Oil pressure is not constant. The pump is a mechanical pump and it varies in speed with the engine RPM. It spins faster at higher RPM, so the pressure increases at higher RPM. I keep seeing a "rule of thumb" that oil pressure increases 10 psi for every 1000 RPM of engine speed. I have never seen that. What I see in most XJs is idle oil pressure around 30 to 35 psi and highway oil pressure between 50 and 60 psi.
3. No two engines are the same. Oil pressures will vary, depending on temperature, weather, brand and weight of oil, and brand of oil filter. The factory specs aren't all that stringent: 13 psi minimum at 650 RPM idle, and 37 to 75 psi above 1600 RPM. If you are within that range, you're okay.
4. From the above, you can see that the oil pressure SHOULD fluctuate while you drive. Higher speed = higher pressure. Lower speed = lower pressure. If your oil pressure never changes on the gauge, more than likely the sender is stuck.