Ok, a couple of questions, although I think that Zach may have hit on the final answer without them;
1. Does the knock (deep knock) happen more when the engine decelerates? (likely rod bearing)
2. Is the knock a fast knock or about 1/4 the frequency of the engine rotation? If it is a fast knock it is likely crank related, if slow, valve train.
3. I agree to pull the oil AND the screen, then cut open the filter to see what particles you are seeing. If you don't see much, take a good look at the rocker arms and see if any have had a significant change in tolerance.
4. Did you check the exhaust system lately? Sometimes people can confuse an exhaust leak with a knock, sorry if this is insulting, just trying to cover all bases.
This is a great place to hang out and get help with your 914. No matter what it is, it is likely someone here has done it or had it before...
Good luck and if you can grab some video or sound recording of the engine, that might help too, but be prepared to tear it apart
to find out what the real issue is.