I don't claim to have the experience with TR's that many do on the forum. However, I've built and destroyed many sbc over the years due to abuse and racing (sometimes purposely)
. Either way, I feel that the sound is from the top end and not a rod knock. Start by checking rocker adjustment and seeing if any rocker arms have developed cracks. Also don't forget to check for any rubbing or clearance issues on the rockers and pushrods. Not a bad idea to check the pushrods to make sure none are bent or ends worn while its apart too.
If no change, then you need to inspect the lifters and cam lobes :frown:. It sounds like a lifter to me, but could easily be the cam lobe. The bottom of the lifters should wear in a smooth circular pattern. You can check the cam lobes with a set of mics and also visually for flat spots. Keep in mind that if you adjust the valves and the sound goes away, but comes back later........probably a cam lobe. This is due to the lobe deteriorating further and putting the valves out of adjustment as it wears.
Most rod knocks have a little deeper and slower sound to them. I'm not ruling it out completely, but a good oil pressure guage would help diagnose (look for very low readings).
Either way, don't jump to conclusions yet and jerk the motor. Take it from someone who has :tongue:. Start at the top of the motor and work your way into it, you may be pleasantly surprised. Wish you were closer, I'd be more than willing to turn some wrenches and bust some knuckles with you.