Thanks for the reply. Oil goes in this week with new radiator. Will check the valley cover. I cleaned the engine and am putting new valve cover gaskets, tightened all pan and oil pump bolts. The other thing I found, is the breather where oil is added was completely dirty and clogged, may have added pressure in the oil system. 
There is no road tube, just a pcv.

do not rule out the valley cover on your leaks at the top of the engine. they do leak at the back corners sometimes. I thought mine was a rear main seal, and was putting off changing it again. glad I did. I did a major cleaning under the car and discovered after a 1 hr. drive,  a small "trail"  of oil coming from the right rear of the valley cover. it just happens to be the most inaccessible spot on my eng. in the '30 model A coupe .

Opened the filter and there are no metal shavings. The oil filter check valve seemed to be good. Will install a oil pressure gauge when I put it back together. Never had a Ford before so I am learning on the job. It is a 312 and has the Holley 2 fours. Right now changing all fluids and chasing oil leaks which seem to be coming from high on the engine. I know some is from the valve covers. In addition the radiator is pulled and needs reworking or a new one. Do you have a radiator you recommend?
I will have a lot of questions so I really appreciate the help. 

Assuming the filter shows no sign of engine damage, I’ll suggest an oil pressure gauge and verify that the engines’ bottom end is in acceptable running condition.  An oil filter without a check valve or a faulty check valve will allow the oil to drain back overnight and will force ‘no oil pressure’ noises upon restarting the engine until the oil filter refills itself upon restarting.  A working oil light can also give you some indications what's going on with the oil pressure if it stays on an abnormally long time when starting the engine.

Lorena, Texas (South of Waco)

It is a spin on filter. I will cut it open and look for metal.

Thanks for the replies

remove the oil filter, cut open (use a wood chisel and cut around thethreded end) if ther ar no cutings you are rather sure it is not bearings. could also be the oil filter check valve. I am asumeing you have a spin on filter

Don't know about oil pressure as there was no working gauge but I brought the car home 200 miles running 55 to 65 mph. No smoke or hesitation and no knocking.

PISTON SLAP OR LOW OIL PRESSURE ?



  AussieBill            YYYY    Forever Y Block     YYYY

 Down Under, Australia

Not sure if it is rod bearings. Just got the car and for now I have all the fluids and radiator out. When the car is warm and started, no rattle. If it sits over night it rattles on start up and then is quiet..

Solid lifters that need adjusting tend to tick all the time, are you sure its the lifters and not loose rod bearings?