Just as a note on how much you can get away with on "0" oil pressure, back in '95 I both a '78 LTD, for the 302 engine core. It was almost 30 miles from my place. The engine ran great but the oil light was on and there was valve clatter. I reved it and there was no knocking, what so ever so, since it was going to be just a core, I decided try to drive it home, keeping it under 40 mph. Got home w/o any knocking. I figured if it started knocking, I'd call a tow truck.
When I pulled it down, I found that the alum/nylon, timing sprocket had lost some nylon and that the hex drive was twisted off. There was a small gap in the oil screen and I found the nylon in the pump BUT, all the crank journals where fine and worn only .001, after polishing them. I used the crank, as is!!
Very hard to believe, I know but, it DID happen.