Mine did the same thing would hold good pressure about 50-60 lbs then as it warmed up the pressure would start falling until got to 0. Mine never made a clank as you say yours does. Mine also would never start ticking like was low of oil so I pull valve covers off and ran I still had oil pumping so I replaced the gauge with another. Still same thing. Like you said you could give it gas and it would go back up for a little while. Mine just got to where I went back up less and went down faster. From what I can tell and what shops have told me the 351-400M is bad about that. The pump is not hard to change, least mine wasnt. I have mine lifted so the axle was not in the way. I just crawled under, pulled pan off, and changed. If you do this I'd recommend changing the screen as well. The only problem I had was the parts store kept ordering the wrong parts, if I can find my boxes I'll get you the part numbers to help out. If urs is not lifted you could prob just jack it up, thats another plus to having a lift, easier to fix stuff. Since then I've had mine rebuilt b/c mine would still drop after awhile just not as low. After being fully rebuilt twice it still did the same. So I'm putting another engine in now, I've had it with that block. Well I hope it goes ok for ya.