I recently purchased a 1948 Ford F-1 that has a 1984 Lincoln 302 engine that has a knocking noise. Oil pressure at idle is ~30psig and the knocking noise appears to be coming from the front of the engine. I took the timing cover off and discovered major wear on the fiber camshaft gear and a whole lot of slack in the chain. However I do not see any wear marks on the inside of the timing cover. I do not want to install a new timing gear set and put everything back together and still have the knocking noise. Is there something else I should be looking for OR could this noise be coming from the worn gear/chain and if so how is that knocking noise being generated?
Thanks in advance for your help.

 

With that kind of pil pressure I'd say you can rule out any bearing problems.

I too have an '84 Lincoln 302 with a knock. I haven't heard it run but had it described to me, I've always figured it for a cracked piston but it hasn't been a priority to pull it apart to check...

How did the balancer look when you pulled it off? Did it fit snug, or was there slop in the keyway? That can cause a knock. Also, pull off the cam retainer and make sure it's not deeply scored or grooved which could allow the cam to have excessive endplay. For that matter, check the crank endplay as well.

 

The balancer was snug with no play in the key fit. I'll check the other items you suggested as well. I appreciate your input.