Roy Rodgers is correct! if your neighbor can hear it, it IS too loud. There is way too many unknowns,and it depends on what you want to do about them now or later, if you can live with it then do so and see what happens, if you cant live with it and your not ok with the knocking everyday then don't try and put a bandaid on it, piston slap does not go away in seconds,it takes longer until engine gets warmer,and if you want to dive under and change out the rear seal,i would first check all the bearings when you had the pan off, take off one at a time the rod caps and look at the bearings to see any ware on them, like copper showing though at places on the bearings,make sure that you put them back on the way they came off too, they can not be mixed up and have to go on the same way they came off, once you have checked the rods then check the mains out and see what they look like,any copper showing you have problems,if you don't see any copper then go and get some plastagage and check the clearance out,you should have .002-.003 max in my opinion of clearance on the mains and .0015-.002 on the rods.if you have more than this that could be the problem, you can also check the size of the crank when you take out the bearings and look at the back side of the bearings and see what size they are,over sized bearings are normaly stamped what size they are, i also think that you engine should have more oil pressure than what you saying,seems a bit low but will work if you had the right clearances.
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