42 to 52 psi is more than adquate oil pressure, however, if you think there's problem there, do what "grumpyvette" suggests and validate that with a scond, known-good gauge.
As for the noise while accelerating that sounds like rockers, it's highly unlikely that's the source. If you had a valvetrain problem that made noise, it would be there all the time, regardless of acceleration, decel. or just cruising.
I suspect that noise is something else and, since you say it's pinging under heavy load, I'm going to guess the engine is detonating at lighter loads as well.
First, I'd fill the gastank with premium unleaded then road test. If the noise persists, I'd check the timing. Then, I'd check to make sure EGR is functioning properly. After that, I'd make sure EST is functional. Lastly, just after you turn on the key, do you see the check or service engine light coming on then going off at "bulb check"?
As for it being a whole new ball game....well, it may not be as new as you think. The engine is that 87 is still a Gen 1 Small-Block V8 and computer controls or not, an engine that's suffering detonation when it shouldn't be is still approached in about the same way, ie: try to pinpoint the cause of the detonation and fix it.
One thing that will be different is to sucessfully service/maintain a C4 Vette you must have the factory service manual. That may have not been true with the Tri-5.