Thanks Phil. It's bad enough that the head will have to come off. I'm almost certain that a rod will have to be replaced at a minimum. The crank may have survived, but really not likely as the knock is pretty severe. There's a squeak as it turns over as well.
I plan on consulting with Jerry about his suggestion of upgrading to a 235 rotating assembly if the crank needs work. 235 Crank, rods and aluminum pistons would make sense as an upgrade as it has to come apart in any case.