I would suspect a sloppy timing chain. The slack side can rap against the front cover when they get worn.
Do you remember what kind of timing set you put in?
I'm assuming this is in a pickup. From underneath, take the front pulley in both hands and try to turn the crank each way. You can feel it take up the slack in the chain when you reverse direction. Any amount you can feel is too much. Use a ratchet and socket on the dampner retaining bolt if it's too hard to turn by hand.
Another possibility, since there is some change under load, is the beginning of piston slap.
I bought a running 454 once that had been previously "rebuilt" and all they did was put new rings and stuff. (Fine with me, because it was still standard bore.) I ran it in something for a few months and under acceleration it sounded like you had detonation in all 8 holes but it was just bad piston slap. When torn down for a real rebuild the piston to wall was something like .010!
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