Mitsubishi Repair: 96 GS 420A knocking in engine, eclipse gs, performance specs

Question
I have  1996 Eclipse GS man tran it has the 420A non-turbo engine. I love this car but, I bought it used with 210K miles. I drove it for about 7K and forgot to check the oil, consequentially a tapping sound came from the engine. I was going to try a full tune up plugs, wires, oil and even engine treatment stuff but after the engine treatment was put in the tapping turned in to a knocking and I did not tune it up. I have read allot on the web about timing could that be the problem, also a guy told me that the connecting bearing could be bad and that all I would have to do is replace the crank,timing belt, bearing, and oil pump and of course all applicable gaskets I am hoping to not have to rebuild this engine completely as I want to rebuild it later to performance specs but am short on cash any suggestions or common problems I can look into.

Answer
Rocky: Look you and I both know a knocking engine is not a good sign. But why not do whatever is the cheaper. Such as have the timing checked, do the tune up and change the oil. But with 210,000 miles and you bought the car used. So you have no idea how other people treated it. If you did not want to do a rebuild on this engine, you could go to a junk yard and pick up another one. Dropping it in but then again you have no idea where that engine came from or how it was treated. If you start with your own engine, rebuild what you can, so money wise and that might work. The thing is once that engine is broke into, more things might be found that must be fixed. So I guess I would go with the crank, timing belt, bearings and oil pump as well as all the gasket.But do go to a parts store, get a repair manual for your car, they cost around $20.00 and are well worth the money. Be checking that oil, keeping the tune up in line when they are needed and be nice to the car. It should last till you can save enough money to rebuild the engine. Or else get a rebuild one someplace else. Hope this helps and good luck!