Well, I would have bet the farm on the ring gear having moved because I didn't want to suggest the other possible cause of such a racket that I have heard in Model A drivetrains. I was hoping the trouble lay with the ring gear, as that is an easy fix. The other suggestion I am hesitant to make - because you aren't going to like it - requires dropping the oil pan. The knocking noise is a metallic sound, which I fear is the oil dip tray being struck by one or more connecting rods as they revolve through their arc. I had this happen to me once (and ONLY ONCE!) and it was my own darned fault. I failed to seat the oil dipper tray's sides into the pan's grooves along each side. Apparently I had placed the tray in deep enough that it wasn't obvious to me, but not good enough to seat the raised rails into the pan's depressions along the side. What happened after all was buttoned up was nothing for a while. Then a gradual metallic tapping started that degenerated into a banging until it sounded like your engine does now. The dipper tray - because I had not seated it properly - was tipping at an angle so that the revolving crankshaft would strike it via one or two connecting rods. All of the turbulence inside the crankcase had apparently lifted one end of the dipper tray up enough for this happen. It doesn't need to move far upwards to come into contact with the bottom cap of the connecting rod. Bang, bang, bang, it went - like yours. Since this condition has existed since you bought the car, I would suspect the previous owner either couldn't figure out what he had done wrong in assembling the engine, or he knew and didn't want to go through the fuss and mess of removing the oil pan while the engine was in the car. It's a dirty, disgusting, uncomfortable job! But at least when you have the pan down, you can check the connecting rod adjustment. So, it won't be a total loss.

To check for this condition, have a friend hand crank the engine while you lie under the engine pan. Use a stethoscope or shortened broom handle in your ear and place the other end against the side of the oil pan. As the engine is hand-cranked over by your accomplice, you should hear at least one connecting rod striking the oil dipper tray. The reason the sound may have seemed to come from the transmission is that such a noise is "telegraphed" through the crankshaft to the transmission.
So, this is my 2nd best guess, assuming a connecting rod hasn't lost its shims or a piston has broken. You should be able to isolate those conditions by shorting out each cylinder one at a time as the engine is running. If the noise stops or lessens, that's the cylinder where the problem is. Check this out, too.
By the way, when you order new pan gaskets, do yourself a favor and order the little oil pump retaining gizmo. It will make life easier for you and only costs a couple bucks. Well worth the money in saved frustration.
Marshall