Nocking Noise from engine

I started up the stang and it started nocking like it had no oil. I looked right towards the oil pressure gauge then a couple seconds later the oil pressure went up and the nocking stoped. But the check oil light was on. So I shut the engine off and waited a few minutes and checked the oil. The oil read over full. I had just changed the oil the day befor and put only 5 quarts in and drained both sumps so i couldnt figure out how it could be over full. So i drove it around for a while seeing if the light would go off and it didnt so i came back home and turned the engine off. Went inside and sat for 10mins being real pised. Came out and started it no nocking and the light was off. So i thought cool went away. Went some where and it sat for a few hours went to go and leave started it up and it was nocking did the exact same thing. So i have it parked now. Any ideas in what the hell is going on? Im thinking the oil pump is going out. Also the car vibrates alot when im stop at a light or something there is also no cam in the car Im thinking maybe a bearing is shot?

The car is a 93 5.0 lx with just bolt ons.

Thanks, Black 93 Fox

Ray III said:

the oil light is just for oil level I thought.

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This is what I thought also. I thought the oil light came on when the car was a quart low?

Ray III said:

Ok then first off double-check the oil level... look at it after the car has been sitting overnight so you know there is no oil in the dipstick tube to catch on the stick and throw you off.

Next... Did you change the filter too? If so what was the new one you used?

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Did that. I did change the filter I used a hasting's one i think.

Im thinking its time for a new block the engine has 160 miles on it. Whats a good way to go about getting a new block? I want to put in a stroker but dont have the money to do the heads and everything else also. If i put the stock heads and intake and cam on say a 347 would it run ok? If so i might get the 347 and just wait a while befor i do the heads and all the other stuff..