MMMM, somewhat periodic sounds like a babbit rod chattering. Do you notice it when you give it gas.... or let the engine rpm's level out and then accelerate or come off the gas totally?

Those old babbits will rattle ....sometimes for a looooong time before they bite the dirt.
Hope its not this but could be.
Its been a long time since I worked on a 207 and I don't remember the water pump set up.


1937 Chevy Pickup
In the Gallery
1952 Chevy Panel
In the Gallery
More photos
1950 Chevy Coupe
Pictures!

I'd rather walk and carry a Chevy hub cap than ride in a Ferd.
I can explain it to you, but I can't understand it for you smile