Rob, I see you are going whole hog on this, and that is safe - but perhaps all unecessary. Your oil pressure subsidence is not all that bad, but is a worry because you dont know what its coming from. If it is wear in the oil pump, that needs correction. The relief valve adjustments are not appropriate because the oil pump is not in relief when the engine is warm/hot. Then,
all of its flow should be going to the bearings if the manufacturer has sized the pump capacity and bearing clearances synergetically. You
want good flow thru the bearings to take away the heat inherent in the hydrodynamic shearing. The key unknown I see pertaining to your engines present health is whether the oil is flowing proportionally well to all the bearings, or whether you have some high clearance
leakers. You have enuf oil pressure in the former case, but if the latter exists then the leakers are getting far more than their share and the tighter ones are being starved and running
hot. ?

? ... but If not too bad a descrepancy it will be able self correct benignly as these wear a little so they will let more oil flow thru them.
The fact that you had a knock in the 1st place is worrisome. That essentially says that particular bearing did not get proper oil. So where was the oil going? ..to the other crank bearings
and the
cam bearings. Suppose the cam bearings are worn and taking more than their share of the flow. Your crank and cylinder bores will suffer, and the journals with the tightest clearances will suffer most [along with their associated cylinders]. When youre in there take a look at those cam bearings.
Balancing rods will be easy for someone of your eminent qualifications. In order to account for the reciprocating and rotational components the rods have to weigh the same and have the same end to end balance. To do this you need to make a fixture journal to slip fit into the assembled big end. Thru the center you put a dowel pin extending out each side. You then weigh all the rods normally, and then find the effective portion on the big end by orienting the rod horizontal with the small end suspended off scale by a vertical thread. On scale the fixtured big end sits on //s on the thru pin. Take weight off strategically until all have equal respective weights. I prefer to "polish" the weight off using a Scotchbrite type of soft cushioned abrasive wheel. Done with care this blends sharp edges while removing the metal, leaving a more durable form. Then get all the pistons the same weight too. ... I really dont think all that is worthwhile in a tractor engine you know... but you might have fun doing it.

larry