As a general rule the oil pressure should be 10 for every 1000 rpms, so 20 for 2000 and so on. If it is 20 or lower while driving, a lot of us would say change out the sender for a new one, but if it is rattling then it is time for a rebuild. No cheap way about it, except for labor if you can do most of it. The engine has to come out and almost everything will have to be replaced.
The crank can be ground if it hasn't rattled too much, the rods can be re-used, but you should put ARP bolts in them. The cylinders will probably be worn out and need reboring and new pistons. You may as well get the head done too while it is off. Valve job and probably a few valves or more and maybe even guides.
It will be like a new engine when you finish and it will be worth it. With good maintenance you can get several hundred miles out of it again. Put in a metal head gasket and studs to make sure that doesn't go first. I wish FelPro made good gaskets for these engines like they do for almost every other engine. Not the gray graphite gaskets, but their blue colored performance head gaskets. I have used them for racing a modified and my Toyota Celica with never one problem, but I just don't think they make them.
Good luck and keep us up to date.
Russ
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