You probably have worn bearings causing the knock. Not sure how many miles the engine has on it, But 5W30 is too thin for a high mileage engine. You could toss in some STP oil treatment or go to a thicker oil like 20W50 which would quit the knock and buy you a month or so, But the engine needs a rebuild. I looked at your oil pressure thread and the "bouncing pressure" could be due to the oil pump going bad. If that is the case, it would kill you bearings.