Knocking can be as simple as the lifters being worn. Take off the valve covers and see if any of the lifter feel real loose. If so, they are not adjustable. The simple quick fix for this is to replace the worn lifters. Individual lifter arms can be purchased for about 35.00 a pair. If replacing loose lifter components only do the loose ones. If you want to get a little more ambitious get a whole kit. I personally wouldn't waste my money on a kit unless I was actually doing a rebuild.
Expect to see a gritty mess under the covers,
something akin to oily dirt. You should plug the drain holes and spend some time cleaning this junk out, if this is all you need to do at the moment.
As far as oil pressure ic concerned, if you are using 10W30 go up to 10W40 or 10W50. These steps may give you some time while you get the stuff together for a rebuild.
Rebuild time can be shortened by buying a short or long block so you don't have to do the lower end stuff. A short block has all the bottom stuff done and you add the top end (heads, manafolds, intake stuff, carb or FI). With the long block, you get the heads. A long block can be purchased at Auto Zone for about $1,000.00 with your old engine core returned to them. The disadvantage here is that you don't get to select the components for the bottom end. Do a little research on the net to see what rebuild kiits are available. Visit a speed shop and talk to them about kits. The rebuild cost will vary widely depending on what you actually do to it. A 351 for example can be easily be pushed to 500 HP but don't expect 15 MPG
/emoticons/
[email protected] 2x" width="20" height="20" /> The more you push an engine the shorter the engine life is.
Like commented earlier, if you want to make a racing Bronco, stuff a 460 in it
/emoticons/
[email protected] 2x" width="20" height="20" />
Keep us posted.
Good luck,
>-