Proper Engine oil pressure

[1996k1500]

Alright Guys, so I have an engine oil pressure question. My engine currently has about 95,000 miles on it. While my truck has 193K. At cold start up the oil pressure runs about 63 to 65psi. I know that is good. But when it warms up it drops to about 20psi. and it eats oil. Honestly kinda scary. I don't particularly like it. When I put Lucas Oil Stabilizer in it, the pressure stays at about 40psi when warmed up. and about 65 psi when cold. But when I put that stuff in and after it gets warmed up, I punch the throttle (about 3,500 to 4k rpms sometimes more) and I hear this knocking noise. I know it is coming from the engine. It sounds like a lifter or something is lose. Almost a rattling/banging sound at the same time and it comes and goes within seconds. But the engine stops eating oil. (And by eating I mean it will take from the full mark to the half full mark in about 2 weeks or 3 weeks. Could that be from the synthetic oil?)
So my question is. What should my engine oil pressure read when cold and warmed up?
And what can I do to prevent that knocking noise?

 

[DRAGGIN95]

When warm a small block chevy ony requires 10 psi of oil pressure per 1k of rpm, so 10 psi at 1k, 20 at 2k and so on. that is the minimum, I have driven ton's of truck's with SBC's that have around 20-25 psi of oil pressure at idle warm.

 

[am92]

Mine is about 20psi at hot idle, but the knocking/tapping and oil consumtion can't be good. Sure there are no leaks?

 

[1996k1500]

No clue. I was thinking of doing a compression test

 

[1997chevydriver]

My 97 350 when cold 60psi, warm at idle 40psi, at operating temp after driving 30 ish psi, op temp in gear 20 psi.

As for your oil consumption it could be, worn piston rings, valve guides, leaky gaskets, leaky oil cooler lines

 

[DRAGGIN95]

Yeah sound's like it's time for a rebuild to me!

 

[1996k1500]

How much would that run me? I am still in school and i could do it over the summer.

 

[GMCTRUCKS]

Looks like it's time to open that baby up. Look @ 1:38 on the video that where my pressure is at it's a 1993 5.7

http://youtu.be/QjD8OsBtkXQ