Sorry. From the sound of it your motor is done for. A knocking sound and a loss of oil pressure are the last two things you ever want to have in a motor. If you have any plans of reusing the block for a rebuild I strongly suggest not running the truck anymore. If it does go to pieces the price tag will go up greatly. But, if I had to guess I would put my money on the main bearings. Simply because of the oil pressure issue. Sorry. Good Luck.
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