Re: need help immediatly with first car- 1984 needs exaust p
Fixing a bottom end knock isn't just a matter of "slapping" new parts in there. Right now you have no idea of the condition of the cylinders, crank, pistons, pins, rings or bearings. You'll end up having to tear into this engine and spend money on it. There's no easy/cheap way around it.
As for the clean oil and recent plugs, I'm guessing that the previous owner made a last ditch attempt to get it running right by throwing parts at it.
If I was in your shoes I'd be looking for another Olds engine to replace it. I'm not sure where you're located but it shouldn't be too hard to find a 350 fairly cheap. Maybe someone would trade you the Chevy 350 for one if you're trying to keep costs down.
There's always craigslist, junkyards, cars sitting in the country, etc, etc. Gotta get creative sometimes!