<VV> update and new questions re: engine knock

[Jedd Hebrink]

Thanks to all who offered advice and suggestions regarding the knock in my
rebuilt 66 110 PG.  I recently asked if overfilling the transmission could
cause a knock.  Thanks for setting me straight  - the trans just leaked down
after sitting a couple months, not overfilled.
 
Here is the latest after I have followed some good suggestions.  The oil
pressure is 35 PSI cold and drops to about 32 PSI hot.  It is steady and
doesn't jump around.  I checked the valve train and readjusted the rockers.
No problems noted with the rocker covers off.  Valve adjustment was minimal.
 
I removed the fan belt (briefly) to check the blower bearing - no change at
all in the knock.
 
I pulled the plugs and they are a bit black and sooty.  I also notice that
when I first start the engine, the exhaust is pretty black and stinky.  That
only lasts a minute and then the exhaust is virtually invisible.  I presume
it is running rich until it warms up and the chokes open. 
 
The engine actually runs smooth.  There is no unusual noise when starting it
cold.  After about two minutes, the "knock" appears.  It is not noticeable
at idle, but becomes pronounced as I run up the RPM.  The sound is best
described as a hammer very rapidly striking the engine.  I cannot isolate
the area of the engine, but it seems to be low and centered.  There does not
seem to be a direct relationship to the pace of the knocking and the engine
speed.  
 
What other things would you suggest I rule out before pulling the engine or
at least pulling the heads off?  Does any of this suggest a dropped valve
seat?
 
Many thanks and Happy New Year!,
Jedd Hebrink
66 Monza 110 PG
 

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