[swamp rat]

Per the tails remove the bulbs to see how mych corrosion is in the sockets, buff the contacts with some scotchbrite or soft wire brush, the ground i beliece is the screws that hold the light assy to the body, , that or look for a ground wire,. also check the pluf that resides in the frame to be sure its got good contact.

Per the engine oil pressure a normal engine will ware a bit thru the years and the clearance between the bearings and journals of the crank and cam will getting inlarged a bit allowing more oil to pass thru, its normal for the oil pressure to increase when revving the engine, but.....

Does it only knock when driving it?? You don't feel spark knock thru the floor so much as just hear it so i'd be real careful about running it, The knocking could be a rod knocking meaning a bearing has let go so without actually hearing it i can only advise it may need a rebuild asap if this is the case, I'd get a trained ear to have a listen to it.