Why do bearings knock? It's because the clearances have opened up to the point that they make noise, it's not a function of oil pressure, oil pressure is an artifact of resistance to flow, when you have bearings that are worn out, the wider clearances allow more leakage which means less resistance to flow which means lower oil pressure. It's like the difference in running 20W-50 vs 5W-20, you are going to see WAY more oil pressure with the 20W-50 (perhaps to the point of putting the pump on the relief) because it leaks less due to being heavier, which creates more system backpressure, which you see as oil pressure on the gauge.
Some of the very old antique boats I had the pleasure of being around were gravity lubricated. There was a big glass bowl above the engine with copper lines running everywhere to lubricate things, including the bearings. All of the leakage ended up in a giant brass drip pan below the engine that you had to periodically empty.
@Shannow who is a mechanical engineer and specializes in bearing design, has written on this subject extensively. It would be quite beneficial to you, and greatly improve your understanding, to go back and read some of his material on this.