I don't think that is a bearing knock. It almost sounds like something hitting the side cover or maybe the oil supply tube. CASO apparently had a similar noise. I would us a piece of plastic tube, one end in the ear and the other used to point at parts of the motor. I find that technique can be quite useful.
I would not worry about a little smoke rising after. That would be blow-by and it is normally taken away by the vent tube when you are driving.
Last edited by truckernix; 07/21/2013 11:28 AM.