rod knocking

Got a rod knocking on a 300 hr engine. It sounds intermittent like a woodpecker but definitely down low. The engine showed good water temps. Both exhausts were cool enough to touch. Oil pressure reads 80 psi but the inside of the engine was frying hot. Was running like a sewing machine and started knocking atabout 3000 rpm. Any thoughts on this?

80 psi oil pressure?

Changed the oil sender 3 times. They all read the same. Could be a bad gauge. Oil pressure is suspect for sure. I'm wondering why it's cooked on the inside but good water temps and cool exhausts.

It's a 351w pre 1971 (hi nickel, higher compression block) Crusader pull out that was pickled at 380 hours. It ran like a sewing machine.

And for the record, this is not our first Rodeo. Current boats are:

67 S.N. with factory B.B. Interceptor 390 scary stringers
81 Mastercraft S&S 351w Spun bearing, wtf I don't know
85 Mastercraft S&S 351w tired of loaning parts to the 81 and busted gunnel
87 Supra Saltare (454) Spun bearing, clogged riser
89 Supra Mariah 351w sick carb but improving
92 S.N.O.B.      351w Pro tech ignition....nuff said
97 Malibu Response 350 Spun bearing, drunken stupidity (although C.H.E.V.Y. is suspect)

That's just what is on the plate at the moment. As you can see. We are darn good at breaking boats. 6 out of 7 in the last year. Of course we start skiing in Feb. and go through Nov. and even into Dec. Barefoot skiing at that.
The chevy's don't like the down angle one little bit. They are much better with the PCM's and a flatter angle in the boat.