Hi mate, it definitely sounds like you need new crank bearings and seals. Crank bearings are easily heard if they have any play at idle. A damaged right hand crankseal will allow oil from the gearbox to enter the crankcase and combustion chamber, causing it to blow lots of blue looking smoke. I don't think too much oil would make it rattle, although would quieten it.
You may also have the kips (power valve) rattle, but it isn't usually very loud although it is noticeable. Your bike has sub valves which rotate in the head, and are moved by an actuating rod. The sub valves snap easily, and the teeth on them are stripped easily too because they are made from soft aluminum. I strongly suggest you remove the head and clean the valves and inspect them.
As for the oil injection, many people ditch it and run premix, purely for reliability reasons and peace of mind. I personally dont like using them. For the moment I'd suggest disconnecting the pump and get it running properly on premix before you try and get the injection working. To test of it is working, you can disconnect the line running to the carby from the oil pump with the bike running and check If any oil comes out.
These bikes need a reed valve to run properly. The reed assembly is located between the carb manifold and the cylinder head.
I have a 94, theyre great bikes! :)
Cheers