That oil pressure is great, rehberg79. The noise might just be a little valve noise. As long as it isn't overheating you should be alright ( in my non-professional opinion) cause it takes a long time for thing to wear cold, but when things get too hot, it wears real quick.
Muddy-93, yours sounds a little bit worse. I bought my '90 Xj with an engine knock. It drove fine short distances from home to class at most like 4 miles. But when I went home for the summer the first 30 miles of 100 did mine in. I had a spun bearing which was tearing up the crank. and then connecting rods had a gap worn so they were getting jolted with every revolution. Not bad during idle or light load, but when I hit 70 mph it started getting f-ed up. I was losing compression since the thing was way over heating and the rings werent sealing I suppose.
Not a good thing either way if it's a bottom end noise. Might try having the connecting rod and main bearings changed. Have the crank checked for roundness and in the tolerance specs while it's out. You might have it ground if it's out of spec, and install oversized bearing with it. This is no small weekend job, however it wouldn't be too terribly difficult with the proper knowledge and a good friend to hold the crank up. I would do it myself to mine, cause I really don't mind having the XJ out of commision for a few because I have a backup ZJ as my parts getting car. A shop should do it if you are a novice / newbie.
When you say it's only when in reverse and while the wheel turns, you have me stumped. sounds like a power steering pump if its when the wheels turn. Is it a knock, or ping, or just a "I turned the wheel too far and the pump is squealing" sound? Is the sound in time with the engine rpm's or is it at its own pace.
Maybe post a video of the sound and where its coming from?
Let me know if my novice knowledge can help.
--Alex