My 6.6 has a knock in it

[Silver State 77]

I was putting in my new Distributor, plug wires and spark plugs on my 1977 Grand Prix with the 6.6 403 engine, and I had the distributor in wrong, and it popped backwards a few times, spit out the carb a couple of times before i finally bought a 1 1/8 socket and manually rotated the timing marks to line up, put the distributor in right ,and got the thing running again. at first i heard what sounded like gears grinding, as the engine started running on its own, then in the front section of the engine as it is running, i can hear a tapping sound like something fell into the number 1 cylinder, or maybe its a collapsed lifter, could it be the fuel pump?
Its sad, I want to cry. I took the valve cover off this old car, and inside the engine it looks brand new, there is no oil build up at all.
So today I'm looking for the 6.6 engine rebuild expert in hopes that its no big deal, and he can tell me what to do. Thanks for all your tips

 

[Silver State 77]

Good news, the knock went away, but im running it without a valve cover, and there is very little oil coming out into the valve springs, who could tell me if that is normal? by the looks of the inside of the valves its always been that way, that is why its so clean?
Pictured here, the engine was just running, and that is all the oil that came out, yet the gauge was at 50

 

[melsg5]

Was the engine fully warmed up and at idle when you got the 50 reading?
Why did you change the distributor?

 

[Silver State 77]

Was the engine fully warmed up and at idle when you got the 50 reading?
Why did you change the distributor?

Good afternoon sir,, I wanted to thank you again for your time, yet it seems I jumped the gun on this thread, the knock went away, and after 5 minutes the oil was flowing everywhere, all over the exhaust manifold and onto the driveway, there is plenty of oil flowing up into the heads.
The reason for why i changed the distributor was, because I needed a new coil, cap, and rotor, and for a few bucks more i can buy the whole thing brand new. and it starts right up, yet, its running a little rough, and I did put a new carburetor on it. I think it might be running rich. Thanks again for your time helping all these people out, i can see you have alot of knowledge, and they are in hands here. nice job