Sounds like your pump has lost its prime, the pressure relief valve is stuck open, or the oil pump drive has failed. The first is the most likely. Since it is an original engine and it rattles without pressure, most probably the pump is worn allowing the oil in the pump to drain and the pump to lose its prime.
You can get it running by removing the oil filter and using a large syringe to force oil backwards into the pump. This will restore its prime and allow it to work again. You could also just fit a new pump, properly prepped, and you are off to the races again. However, if the engine is truly original and virginal, the gods are sending you a sign that it is time for a proper overhaul.