Wow Palmtree.... I was just there and the fellas can 2nd that!
My high volume oil pump scared the hell out of me too, but like double said AND my machinist...as long as the pressure goes up when you step on the gas, your good. Nuff said.
Your noise. Make sure your timing is right. I had a good rattle and decent knock. My problem was a too small carb with my initial timing too far advanced and the rocker arms needed adjusted.
I hope that helps.
Using 20-50 oil helps a little...not much but it helps with the oil pressure.