Yes, "knock" and low oil pressure are often related, one can cause the other, both ways.
The knock could be the result of low oil pressure or the cause of it.
Oil pressure is the back pressure created by the crank and rod bearings plus other oil passages.
The oil pump sends X amount of oil to the oil filter, it is then sent to the oil passages and bearings, because good bearings are a tight fit all the oil the oil pump sends can't be "pushed" out, so a back pressure builds up, that's the oil pressure of an engine.
If a bearing starts to fail it's gap widens and more oil can flow through, so oil pressure drops for the whole system, back pressure is less, bearing can also start to knock.
If less oil is coming from the oil pump or filter then pressure drops, less back pressure.
Less oil pressure means bearings at the farther away points of the oil passages get less oil so can heat up and wear more, causing a loose bearing which reduces pressure even more and will start to produce a knocking noise.
Oil pressure at idle should run 6-8psi, at 3,000rpm about 30psi, higher rpm means more oil flow from the oil pump, so higher back pressure.
It reads like the oil pump is ok.
I would try a different sender and change the oil filter, then investigate the knock.
I wouldn't run the engine too much until you have confirmed at least some oil pressure at idle.