Strange Engine Sound- Knocking type sound, with video!!! Options

[tornik550]

I have slowly been rebuilding my 914 over the past few years. I have the engine running however it doesn't sound right to me. It seems to be making a knocking type noise that doesn't change with timing adjustments. I haven't heard the car run for awhile so I am not sure if it is a normal type 4 noise. I do not think that it is normal for a stock engine however my engine is not stock. This is the reason why it is tough for me to determine whether it is a normal sound (I have never heard it run for the new parts- or at least I don't remember hearing it).

My engine is now a 2.2l. It was a 1.7- then the previous owner upgraded it to a 2.0l. I put in a new crankshaft and now it is 2.2l (I forget exactly). I changed to chromoly pushrods (non-hydraulic lifters). The valve lash is set at 0 (I doubt it but I suppose its possible that something came loose and the lash could be off now).

The video was taken in about 30 degree (f) weather. The engine is cold. I have not ran it long enough for the engine to warm up (I only started it once today- I did let it warm last week to set the timing but I do not remember if the sound went away). I obviously do not have the muffler attached (just the heat exchangers).

Does this knocking type sound seem to be normal for chromoly pushrods or does it seem to be an issue? If a different issue, where should I look.

http://www.youtube.com/watch?v=F0GyMjs6SaI