Firstfox485

Friend bought a '50 pickup with a newer 235 engine to me for a tuneup. It had tremendous valve train noise, so I asked him what he knew about the engine. He told me a fellow gave it to him said, 'It was running when I took it out of the car.' I removed the valve cover, NO OIL coming to the valve train. 15 Pounds Oil pressure at 1,000 RPM. My '54 235 runs 50 to 55 pounds at 1,000 RPM even when warm. He said the guy told him he had just installed a new set of hydraulic valve lifters. I attempted to adjust them, but no response, felt like they are all flat, no oil in the lifters at all. I suspect either a bad oil pump or rod/main bearings worn out. So much valve noise hard to hear but think I can hear at least one rod knocking. Told him I couldn't tune up his engine until we knew for sure we had an engine to tune up!
Question, can someone tell me for sure if this engine is supposed to have hydraulic lifters? I looked up the engine number but all it says is '55 to '57 235 engine block. Reason for question is another friend put hydraulic liters in his 235, did't run well, lots of noise, fnally discovered that it wasn't set up for hydraulic lifters, I understand some trucks didn't have hydraulics. I don't know where the engine came from or what it was in, and neither does the current owner. On other hand, don't think hydraulic lifters in an engine not set up for hydraulic would cause loos of oil pressure.
Thanks for any help,
Ron