loosing oil pressure and knocking when warm
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Verify oil pressure (or lack thereof) with a mechanical gauge. If it really is dropping as the engine warms, bearings are a good bet. If the bearings/journals aren't scored, you might be able to get away with putting in some new ones, and be able to drive it another 100,000 miles. If the journals are scored..... you are gonna have to do a rebuild. (or, replace the whole engine....)