I wonder if you could describe the sounds a little more. I have a hollow light knock that is caused by a separated solid lifter which I have to replace. It is not a hard type of sound and it decreases as the motor warms up. I would think that you have pretty decent oil pressure for a 216.

1951 GMC 1 Ton Flatbed -- It is finally on the road and what a great time I have driving it!
1951 1 Ton Completed

My Chevy Master 4 Door is on the Road!