It's impossible to tell you whether this is the noise problem with your engine. Even if it was or wasn't common, yours might be something else. Have someone you trust listen to it.
Generally, lower end noises that are rod or main bearing related are accompanied by lower oil pressure since the space required between bearing surfaces to result in a knock are also great enough to allow oil to quickly evaxuate from the journals (tubes inside the crank and block that the oil flows through) causing lower oil pressure.
If you are burning oil, that is generally caused by oil entering the combustion chamber at either the piston rings or at the valve seals. Possible at a head gasket, but much less typical and almost always accompanied by water which causes a lot of steam to pump out of the exhaust.
Oil smoke is a bluish white and doesn't dissipate quickly. Steam is a clearer white and goes away quickly once in the air (plus it smells like antifreeze). Black smoke is a indication of the fuel mixture being too rich - maybe a stuck choke, misadjusted carb float, or bad emission sensor on computer controlled engines.
There are two "most important" factors in your engine lasting... clean oil and good air filtration. Buy the best oil you can afford and keep it changed. Buy the best (not neatest/coolest) air filter you can afford and keep it changed.
Additionally, look for problems where grit can enter your engine. The best air filter in the world is of little use if there is an air leak between the filter and the engine. Great oil with a leaking valve cover sucking in who knows what gets dirt fast. The dirt is like comet scrubbing away your engine metal.
My old Wagoneer has a couple of hundred thousand miles on it. When I got it with 127K miles on it the engine had been rebuilt at 90,000 miles. It already smoked and leaked and wasn't very healthy. I slowly replaced gaskets and seals and changed the oil several times in a short period and it has lasted me six years without a rebuild. Even a worn out engine can be made to last if it gets good loving... and stays away from grit.