Sorry to say it but if it's knocking a new oil pump isn't going to make any difference. Also it is almost impossible to drop the pan off the engine on a 94 with it installed.
If the body is in good shape and you like the truck I would say you have three options. Rebuild your current engine, install a used engine, or install a GM crate engine. Used engines can be a crap shoot. You're never really sure how the owner treated the engine. Rebuilding is a nice thing as you know whet you have when your done, and if you do it correctly the engine will last a long time. The advantage of the crate engine is that it has a warranty.
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Saturday, October 11th, 2008 AT 5:08 PM