Knocking usually indicates worn rod and/or crank bearings. Worn bearings will also contribute to low oil pressure, as the oil is more interested in escaping back to the pan via the spaces between the worn bearings than it is in flowing up through those pesky galleys.
On the other hand, poor oil distribution will prematurely wear out the bearings mentioned above.
Sounds to me like it's time to pop the oil pan and inspect the pump & crank.