Is the oil pressure lower now than before? I would be more concerned with a change in oil pressure than any particular psi. Some oil pumps have the bypass spring set at 40 psi. The psi at idle and at cruise would be helpfull to know and whether any of these things have changed recently. If the noise is coming from the valvetrain you need to stop using it until you assess the damage. It is possible you won't have to do a complete rebuild.
Perhaps this can be accounted for in the differences between gauges, but I have the same motor as you and at anything above idle, my oil pressure is 60 psi. At idle it is right in the middle at 40 psi. On the old motor, the only time it would go below 40 was when the oil level was low on a warm engine.
'04 Cobalt 220 350Mag/MPI
2017 Shelby GT350 1996 Ford F-250 XLT 4x4 7.3 diesel
Well here is an update. Put on new cap, tested coil, as I told you also put in new plugs and wires. Went out today and it was the best the boat has run since I have owned it. Topped out at just under 5000 rpm, pushing the boat at 52mph. I ran it hard WOT for about 10 minutes and no problem. Pretty respectable for a Signature 240 cabin cruiser. Even the whole shot was better, I am sure it takes quite a bit of juice to turn the 26 pitch duals that are on the bravo III. Overall I am happy that the problem did not re-occur. I will keep all of you updated and I appreciate all the input that I recieved. This is a great forum.
First, I've had several engines in my day do the ticking thing after a hard run followed by a 'sudden' slow-down. Usually cars, but I remember the 460 in my Kona would also do it. I've always figured the reason is simply gravity and the inertia of the oil flowing out of the lower half of the engine faster than the pump is pumping (during the sudden engine slowdown) will actually siphon oil out of the lifters momentarily. This is also when the oil is at it's least viscous, so it may take awhile for the lifters to pump up...
As for the sudden loss of power, I've had that happen several times over the years too. And it's usually caused by something wrapped around the prop, like a piece of someone's rope, or some seaweed. So whenever it happens, I always raise the drive to check the prop!
Thanks again guys, just for piece of mind I brought it in to the dealer, had them hook to the computer to see if it was throwing any codes and it was not. They also cut the lights to see if any arching was occuring and it was not. So, for now it is good to go.