Well my father could not solve the lifter noise problem, until now.
We hooked up a second oil pressure gauge at another point on the motor and I rode along as he took it for a short drive. Something very odd was happening, the oil pressure would start to decrease when we accelerated and then start to rise.
At this point, we knew there was a problem.
So he pulled the motor and started to disassemble it, at which point he found that there was a plug missing under the 90-degree oil filter adaptor.
Apparently the oil pump had enough pressure to pump the oil but it was not enough.
My father took off the rear main cap and found out that the crank journals are badly worn.
Well, he is now bound and determined to fix the engine instead of taking mine, even though I wish he would just take mine. So I guess my 440 plans will just wait until the 360 is tired.