1st Engine startup. 2.0 Six Top End Refresh, A few questions Options

[Ericv1]

So, tonight I fire up the 2.0L six since last September and it starts within the first five seconds. I adjust the idle to about 1500 rpms (As suggested in Waynes book) and let it run for 23 minutes. After 23 minutes, I adjust the idle down and can hear a NOTICEABLE knocking sound from the top engine compartment on the right hand side. Could this be a loose intake valve? The sound dissappears as I rev the engine. Or, at least I can't hear it as I rev it.
Second, my alternator light goes out when the engine is running but remains on when the ignition is turned off with the key out of the ignition.
Third, my oil pressure light never went out. I think I can fix this one pretty easily as I may have not wired it correctly. But, I was looking for opinions. In order for the light to work, does the oil temperature sensor need to be wired up?

If you can help me with one or all of these issues I would appreciate it. I'm especially concerned about the knocking. Thanks.

[IronHillRestorations]

I don't mean to 2nd guess you, but I'd have never run the engine that long with the oil light on.

[orange914]

I don't mean to 2nd guess you, but I'd have never run the engine that long with the oil light on.

did you confirm oil pressure with a mechanical gauge? knock + o.p. light could = problem.

[Ericv1]

I don't mean to 2nd guess you, but I'd have never run the engine that long with the oil light on.

did you confirm oil pressure with a mechanical gauge? knock + o.p. light could = problem.

No, I pulled the intake valve covers today and cranked the engine and verified there was oil pressure. It was messy, but I didn't have a gauge handy. The oil pressure light is fixed. I installed a dual sending unit and hooked the green/red wire up to the wrong lead. Once I switched the lead it was fine. It now works as it should. The knocking is gone as well. I did a lot of research last night on Pelican and diagnosed it to either a

1. The timing is too advanced causing predetonation.
2. A loose rocker arm in the valve train.
3. A possible piston wrist pin cam out.
4. A small metal object accidentley made it's way into the combustion chamber without me knowing.
5. A dropped valve seat.

Since options 3-5 require a complete teardown I focused on 1 and 2. The valves were in spec and my timing was completely off. Once I adjusted my timing, the knock went away.

By the way, is there an easier way to time this thing? There's very little clearance to get the timing light down there to see what your doing.

I still have the alternator light that comes on when the ignition is turned off. When the car is running, it goes out. The multimeter says the battery is receiving about 13.3 volts. If I disconnect the D+ lead from the rear relay board, the light turns off. I have my B+ blue wire connected to the D+ lead on the relay board. Is this correct?
I'm glad I was able to work through some of these bigger concerns without it being a huge issue. Now, I can work on adjusting the carbs. Thanks for the help.