Installing temp guage sensor(aftermarket)

Your oil pressure isn't great but should be enough to get the job done. If you have a good 180 degree thermostat, there is no way it should read 130 if you've driven more than 5 miles or so. I'd put a thermometer in the radiator cap hole and see what it really reads. Don't do any drilling on a cylinder head. If you need to modify something to mount the sender, drill into the intake or get a thermostat cover with a fitting option already built into it. How many miles are on that engine? You sure the noise you hear is not an ignition ping? You may need to back off the timing a bit. That might help the slow crank also.