ol' slant is dead... need help!

Thank you very much redfish and memike I definitely will start there. The knock was only a little tick back when I would drive it for about 20 minutes at freeway speed (65) I've been asked a few times about the hydraulic lifters but I wouldn't know. I do have a oil light but I didn't think anything was going on since it would come on when my motor was warm and the idle stayed the same. The light would only come on at 1000 rpms. I will definitely start with an oil change. What does it mean if my oil DID smell like gas? Oh and its a 75 slant 6 225.

That's a sign of engine wear and/or a clogged screen. It takes only 9 p.si. oil pressure to turn the light off. Warmed and low rpm was going below that.
Top end starving for oil.
It is possible that overheating caused even more blockage at the pick up too.
All guess work. Hope for the best and be prepared for the worst. Good luck