Is the knocking a steady rythem that speeds up with RPM, or is it kind of hit and miss? Astead rythym at about 2000RPM means rod bearings. A hit and miss rythym usually means the flexplate is loose or cracked. You want about 10psi of oil pressure for every 1000RPM. The white stuff on the plugs is not a sign of oil consumption, it could be from additives in the fuel you're using.

 

Busted knows his engine stuff. Helped me before.

 

the knockins still there i noticed tho that when i first start it and its at fast idle its not there but ones it starts to warm up and the idle goes down is when it starts in. oh and maybe you guys should know that im usin royal purple oil and have been for about 2 or 3 oil changes

 

These engines are on the noisy side, mine sounds like a sewing machine in a sweat shop.

 

This will sound silly ,but check your injectors plugs . I bought my 88 for 2 hundred bucks becouse everyone said it was about to throw a rod ,and it sounded and run like it too. What it turned out to be was the wiring harness for the injectors ,loose injector plugs .almost 20 k since I got it