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I believe you should be using 30 W oil to begin with, it will be in
your service manual. Also, the clearance between the rod bearing and
the crank shaft should be about .002, if I remember right. You cannot
just replace the rod and the bearing. You may have to replace the shaft
too. If it's been knocking like that, then there could be damage to
both parts, most likely is. Those little parts for those engines are
not that cheap. Then you'll need gaskets and sealant. And maybe a
flywheel puller. And you will have to check the clearance with
plastigauge. You know how to do that? You'll also need a micrometer to
measure the crank. Fun huh? It is, if you've got the tools.

A lot of people think these little engines are simple to repair and
they are, if you have the right tools and the know-how. But like any
other gas engine, two or four stroke, there are torque specs,
procedures and manufacture specifications to follow. If you don't do
just what the manufacturer states to do, kiss your attempts at repairs
good-bye.

My advice? Run it until the rod pops outside the crankcase. If you want
to speed up the process of destruction, then play around with the
governor for a bit. See if you can get the little sucker to hit 10000
grand Then look for a used engine that runs OK, or buy a new mower,
or a good used one.