The realy big clue here is the knocking noise at warm idle. You get
this noise from sloppy bearing clearances.
>It is also possible that your crankshaft or camshaft bearings are so
>worn that even a new pump cannot maintain pressure...but I'm voting for
>a pressure regulator or pump problem.
This would be the most likely cause of low oil pressure. Oil pump
would be the second probable cause. When you get around to pulling
the pan down, save some work by removing a rod and main cap and
inspecting the exposed bearing shell. A smart person would use
Plastigauge to measure out the clearances. The crankshaft will
likely be worn enough to warrant undersize bearings.
Pete
Licenced Automotive Mechanic
Licensed Heavy Equipment Mechanic