They don't splash as said. If the engine is running, you look through the oil fill hole into the head. Looking closely at the oil in the bottom of the head, you will see some tiny air bubbles. If these bubbles are moving....slowly...then you have oil pressure to the top end.
The noise could be a collapsed lifter, to maybe even a rocker that is loose, and off its valve.
A visual inspection first, can save you a lot of headaches in the future.
For starters, I would rent from a parts store, like Oreillys or autozone a oil pressure test kit, or just buy one, Harbor Freight has some decent ones pretty cheap. (nice tool to have in the garage BTW) Hook it up and see what the actual pressure is.
~F~
