Stuck Lifter.. or so i think
 

Right now when I start my car it makes a rattling/ clanking sound then it has a periodic clank about every second at idle and the higher the rev the faster it goes. It all started because it was really low on oil (I know, I know...stupid me). It also has very low oil pressure (I think it was around 10psi or less at idle and upto 50-60psi at full throttle.) I have had a few people suggest that its a bad lifter but is there an easy way to check if it is.
Also if it is a bad lifter how hard and expensive is it to fix because I will be doing it my self and if it is cheaper to part with the car then I will just sadly go that route.

I can assure you it's not a bad lifter. Our engines just don't have 'em ;) The cam directy interacts with the valves so there is no lifter/pushrod combo in the mix. What you're describing sounds like it might be in that neighborhood though. Given your description I would tend to suspect a stuck valve or related component. Perhaps the valve is returning to the closed position when the piston is on it's compression stroke and the spring hangs up for a second then slaps up against the assembly. With your bad oil pressure you might have gotten a little dry on top and done some damage to the head. Get a second opinion before you get to worried though. It's hard to diagnose from here.

Ummm 7M's have lifters. What do you think the shim sits on? A lifter. We have mechanical lifters in our engines, not hydraulic.

You ran it low on oil now it ticks/knocks. While it was low on oil you had major metal to metal contact and now the bearings are worn out of spec.

Perhaps in the most litteral sence ,the TSRM calls it a lifter ,but I'd just call that a bushing. In any case ,we agree a dry top end lead to premature wear. I got a refurbished head on ebay for $450 that came with everything except camshaft oil seals. With the increased open areas around the moving parts the oil has less restriction and hence lower pressure.

So basicly the only way to fix this is to rebuild my head?

For starters you would want to get it apart and measure everything to see just what state it's in. Keep in mind though ,it will seriously hurt your resale if it's in a million pieces. You have to decide at this point if you want to take the hit selling it cheap with potential head problems or if you want to follow the route of repair and hang onto it. Not a fast ,simple ,or cheap task ahead.

I have read and heard that if you change the oil and put an additive in it that could possibly fix it. Is this true? Because if it is I will try anything that could possibly keep me from having to tear it all apart again but I don't want to waste my money on oil if it wont help.

You may try some lucas oil additive, or some engine restore. EH
ATF in an empty tank filled up with premium will lubricate all of that stuff in the efi. That may help you narrow it down.

Well I have decided to rebuild it. Its nice owning the fastest car of all my friends... and the ladies love it ;). Seeing as how i have already done the head gasket before I think im just going to pull the engine and do it outside the car.

Has anyone pulled one of these before, leaving the tranny in the car? Because I have big hands and that was my biggest problem before was fitting around shit.

Also I won't have to have the head milled again would I?

Wont need the head milled again unless you have been putting some seriouse stress and heat on it. Double check it with a straight edge ,but you should be alright. As for removing the tranny or not ,I always leave it in ,others swear by taking it out. It all comes down to personal preference I suppose ,but I have large hands also and found access to the mounting bolts on the back to be fine with the head removed.