I've always had a tick. Tick turned into a knock and the oil light came on. I dropped the oil pan and found what appears to me to be the a " Valve Spring Retainer". Anyone ever change one without removing the head? And am I correct in assuming that would give a drop in oil pressure?

 

Yes, but in an old FE big block Ford.
Same principle.
You will need a fitting that threads into the sparkplug hole, with an air line chuck on the other.
That will fill the cylinder with air, and keep the valve from dropping into the cylinder(suprisingly it hasn't already).
The compressor needs to stay running too, because air is going to leak past the rings.
This is an old hot rodder's trick for replacing valve seals.
But, if parts of a valve keeper are in the pan, you may have bigger problems.

 

I prefer the rope trick over the air trick. Either way it should not be too hard to replace with the right tool.

Although, I don't see why a misplaced keeper would cause a drop in oil pressure. I would look further. How did the pickup screen look when you pulled the pan.

 

Oil pick-up tube looks good and so does the oil.

 

Well what would the knocking be? Should be the valve slapping around. I havent made it that far.

 

Should it? No. If it is moving around, you will likely need to rebuild the head at least. Pull the valve covers and let us know what you find.

 

K, when I get home later I'll pull the valve cover.

 

And take many pictures. We may see something you dont.

And when you pull the rocker shafts look and see how clean the oil holes are.

Also, pull your lifters and see if any are worn excessively. I found 2 that had a good portion missing in the middle. I swapped them and a couple others out after cleaning and the truck doesnt wobble during idle like it used too. Runs much better.

 

X1 ..................... pull the heads and investigate the noises if the engine isn't 'munched' already. Oil warning light on usually means 'death of an engine'.

 

Couldn't look at due to the weather I'll investigate today.