So here's what I've gathered so far in regards of reading up about knocking sounds.
PISTON SLAP:
Makes a sharp metallic noise. Idle engine and short out each cylinder plug. The noise will disappear when plug with bad piston is shorted. Noise will also disappear at acceleration. This can be caused by worn or out of round cylinder, or broken piston ring.
VALVE NOISE:
Makes clicking or rattle noise. Caused by excessive wear on valve stem or lifter, out of adjustment, or stuck valve. Correct by adjusting valve clearance, replace worn valve or lifter, regrind cam, replace valve guide and /or valve. A stuck valve can sometimes be loosened by passing oil through the carburettor while engine is running.
ROD BEARING KNOCK:
Makes sharp metallic noise similar to a piston slap. Detection is opposite of piston slap. Rod knock is not heard at idle. Knock becomes louder as engine speed is increased. Caused by excessive rod bearing clearance.
REAR MAIN BEARING KNOCK:
Makes dull knocking or thud noise. Knock will normally decrease or disappear while pulling or decelerating. Noise will be detected the loudest at normal driving speed, when not pulling or decelerating. If knock is excessive, crank should be checked for out of roundness.
WRIST PIN SLAP:
This can not be detected by shorting out the cylinder plugs. Rapidly accelerate and decelerate the engine speed. The engine will pass through a certain speed range when the wrist pin will rattle at about the same pitch as a valve tappet noise.