It's possible you might luck out, if this's the M that holds 8 qts; down 4 would still leave 4, or 4- if down 4+ (4+= how much?). It wouldn't be the first time low oil churned up some crud and maybe stopped up an oil hole for a rod or something else without messing up the rest of the stuff. Scott's check is easy to try. You said filled with oil and knock still there, but had supposedly been knocking for awhile (how long? before oil got low?). Is knock audible while: idling? pulling? revving engine slightly in neutral, or when slacking off hard pull?? But don't get your hopes up; most likely it's something expensive.
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