Hi guys, OK don't laugh.
First off. Laugh? I think it's awesome that your here.

One thing you need to know about this site. There is no such thing as a dumb question. (unless you ask it twice LOL).
Now here goes. I will do my best.
I am learning how to work on my 1974-75. 455 Olds in my flat bottom. Husband passed from cancer last Dec & I feel like he would be proud.
I cannot tell you how sorry I am for your loss. I can't imagine.

The thing was spewing oil everywhere. Used to be turn key. With the help of my neighbor I tore it all the way down with heads off. All new gaskets, new headers, bilge pump & switch. I bent water lines installed a puke tank.
How cool is that?
Found a guy from Craig's list to fabricate a plate for me. Put back together & she purrs like a kitten. Had her up to 3500 rpm running great then started hearing ROD KNOCKING...Shut motor off immediately!
When you say rod, we talking deep dark ugly expensive thump? Or a rattle type top end noise?
I started it back up for a split second to see if froze. Nope it started. Didn't go thru. So before I take valve cover off in looking for tips & pointers to fix it myself.
I feel the problem is going to be in the bottom end, not the top. Like moboss says, likely needs to come out.
Do I need to do both sides?
Its was just the drivers side.
Do I replace all rods & rockers?
Or just one rod?
What's the specs on tightening?
This question, while intelligent, is hard to answer. I do not feel the problem will be in the valve train, I feel and fear it is much worse. We need some information to be able to help. What was the oil pressure, how much oil was in the pan, what did the knock sound like etc?
The Oldsmobile is a fairly robust engine, but not without it's fair share of issues. Unfortunately one of the weak links is the oiling system when it comes to a jet boat application.
I have a million questions & am excited to learn.
Please help... 
I have a million questions...
I will only answer about three thousand. Your on your own for the rest...

Good looking boat and welcome to SoCal Jetboats .com
GT