The only clue you need to understand is if it's knocking, there's a serious problem! Never rely on the stock gauge, but if your description is accurate, then the bearings are probably wrong. Lots of things can cause a knock, but when it's a "new" bottom end knock, and only happens when the pressure drops, I would suspect the bearings. In truth, the engine doesn't require more than 10 psi per 1000 rpm, but we don't know what yours is at because you've got the factory gauge. See if you can come up with some numbers, like what the bearing clearance was, and what the oil pressure is when cold and when hot, and especially when the knocking starts.
Take care
~Chris
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Retired Moderator
MustangNet
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JimPorterRacing
RACECAR spelled backwards is RACECAR
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