Well, I had the same problem with mine, except the opposite of oil pressure, it would run 60psi no problem when I first started it up, then after a while it would loose pressure and start tapping on the top of the motor. Ended up the cam bearings were bad, so that could be a possibility, everything else was fine but the cam bearings. When the problem got real bad, it was loosing power (valves not opening from lack of lifters not pumping up,I assume) idling like shit and making some ****ED up noises. Sounds like you need to do a tear down.