Like Rich said, pull the valve covers, before you turn the engine over after setting overnight, grab each rocker and check for one that has clearance, in other words a loose one. That will tell you if you have a lifter leaking down. You can turn the engine over by hand and put each cylinder on fire (TDC) then rock the lifters.
Hey,Just a note to let everyone know that I replaced fuel pump and push rod, noise gone finally got someone to crank it up while I used piece of garden hose at right front motor, Thanks again
what kind of a "knock" does it make ? is it sort of a mechanical sound of steel and iron clicking together of something that may have too much clearance ..and then fades out to the point you cant here it anymore ? or does it start out as a snapping harsh sound in relation to the speed of the engine's rotation ......if it is the 1st type sound i mentioned ...chances are there is a hydralic lifter that leaks off after it sets for a while ..allowing the plunger inside the lifter to stick to the bottom of it's bore due to a possible carbon ring of setting to long in one spot with movemet ......if it is the 2nd type of and snappong or pinging sound coud be the age of the gasoline that has lost most of it refind adative to retard pre-ignition or worse cound be engine damaging detenation ...sooner or laster if you planto use this car ..your going the have to buy some gasoline for it to run ....so you cant waste any money in the long run ...if right now you completely drian all the fuel out of the tank ..blow all the line with an air hose and fill it with freash gas to eliminate any chance of ..old gasoline that has lost most of it's additatives to the point of have an extremely low flash point ...but wat you said about oil pressure is news for a greater concern ...if it was 5 to 10 pounds difference is not much to worrie about ...but 60 pounds cold is pretty darn high for an engine that in stock configuration that is only supposed to carry around 30 pounds of oil pressure ...and then after it warms you it drops from 60 ounds down to 30 pounds...that is a very bad sign with an oil pressure diffence cold to hot of 30 pounds has aways been viewed as a bearing problem . and during all this there is a knocking noise ...these two simptoms ...are looking at a possiblity of a spun main or rod bearing
I would change the filter. the filter is to catch particals if the filter itself is coming apart there is nothing down stream to catch the filter materal.
I am going to sound stupid here but I am not sure that NAPA sells a canister filter in NAPA Gold. (no offense intended) I know that WIX used to sell canister filters and assume that they still do but brand of filter at this point is probably not as important as condition of the filter that is in it. If it is a 25 year old filter I would suspect the condition of the filter, and it would not cost more then the price of the oil lost when the canister is dropped to check that. I personally would not have trusted the motor without tear down and inspection prior to start up. he is a pic from an Olds motor that was freshened "sealed up tight" and stored under the bench for 40 years. That is a mouse nest in a piston. Funny around the time the tech thread that this pic appeared in was posted a couple of the fellas took their fresh rod to the races. They were running an old stored Olds motor that made a few passes then went up on the trailer. Rust in the bottoms of the cylinders took the piston skirts out. The price of a gasket set would have possible saved their motor. A question here before I climb back upon my box. was the motor started with a fresh cam or used cam? if a fresh cam how soon after cam break in was the oil changed. Most people say 500 miles is good. My personal preference is right away. Cam break in lube has grit in it like valve lapping compound. That cannot be good for your lower end. Where the valves lashed 25 years ago or did the motor set with the valves loose. If they were lashed 25 years ago that is a long time for the engine to be setting with open valves. How about assembly lube. If it was setting 25 years ago with white grease you could have a chunk of something blocking about any hole or orifice. grease has a tendency to dry up over time and get crusty. OK so much for negativity. maybe it is just a bad filter.
Older engine's Need Zink in the Oil so I would put 2oz. of Lucas Break in oil with every oil Change! as I was Told. Just my 3.5 cents or when the Cows come Home!