Knocking. Valves?

Could be valves. Could be something else. Try slowing down the engine by retarding the spark. If the noise goes away then the ignition is too far advanced. Or you may be able to better tell where the noise is coming from with a slower running engine.

Use a mechanic's stethoscope to determine where the noise is coming from. Or use a wooden rod held near one ear. Or use a rubber or plastic hose held near your ear. Touch the other end of the stethoscope or rod on the valve cover or other place like the cover for the cam gear. Or hold the hose near those areas.
 
Sounds like valves but I can not tell. Install your timing pin in backwards to the timing gear.

Start the car and apply a firm pressure to the gear with the pin as its running. If the noise gets quieter then we know its the timing gear.

Nk's recommendation about a mechanic's stethoscope is perfect. Amazon or HF.
 
Is the fan blade loose on the water pump shaft or hub?

Disconnect fan belt from engine pulley for a short time and see if noise stops.

Generator pulley loose?
 
Fan blade is tight and I have a thrust collar on the pump shaft. But, my crank pulley wobbles quite a bit. It is a two piece pulley. I grabbed a one piece from a friend and will swap it out.
 
I replaced the pulley with a one piece. It sounds a little smoother. But still a some knocking. Maybe I just never noticed it before. Like SmokedTires says. It might just be the way it's supposed to sound. I'll keep putting MMO in the gas and keep an eye on it.
 
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