rebuilt engine knocking?, engine builder says its normal for big bore 4's? Options

[narino]

Alright I understand these cars don't have the quietest, smoothest runnning engines made, but does this doesn't sound right to me. There is a knocking sound at startup until she's warmed up. Then it smooths out, not completely though still can hear the knock.

The engine builder, who builds racing type IV engines says that the noise is typical with big bore type IV engines. Here is a link to a video, what do you guys think?

video
http://www.narino.com/images/914-knocking.wmv

Here is what the engine currently has inside it: (originally a 1.7)

103 mm x 78 Stroke
2.0 H beam 5.325 (? no idea what this is was on the paper)
G - Cam
44 x 38 Heads

Thanks in advance!

(IMG:style_emoticons/default/beer.gif)