Ok fellas I have put 20W-50 and Stone Temple Pilots oil treatment in. She runs much smoother as a whole but that tapping sound is still there. I am guessing that it is on the top of the connecting rod as was suggested earlier.
I will start searching for enginge rebuilding steps soon.
Thanks for all the help.

Pat

1990 MonTERROR
183.07 cubic inches of worn out FURY
New ALTINATOR
And uh... new radiator hoses UPPER AND LOWER,
SAGGING COILS, dead SHOCKS
Worn 29 x something x something else STREET TIRES
GET SOME