If the lifters are tapping when the preasure goes low, then you do have oil pressure problems. How many hours on the motor? If the main and connecting bearings are worn, on the crank, then that would do exactly what you are describing. There is also another low pressure audible alarm sender on the motor. Is there an alarm noise? If you roll the thottle, raise and lower quickly a number of times, does the motor make a knocking noise. If it does, then the crank bearings are bad.
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