Ok a little history on the parts, the motor 360/tranny727 were supposedly rebuilt shortly before storage, car ran with no "bad" noises & also moved under it's own power (but I never had it on the road, just moved it around the yard) before I took it apart, we changed the oil pan gaskets, checked torque on all the bolts down there while open, all right on, there is no windage tray.
motor was on a stand for 5 yrs, spun by hand every month or so, each time I poured a little oil into each cylinder, tranny also sat outside for 5 yrs, just cleaned it up, put on a deep pan, new filter & fluid, flex plate was never off the motor & pretty sure trans was installed properly(I had help for guys who have done it many times.)
So I can't answer about the stuff on the back of the motor, the guys thought it was low milage by the looks of the internals. So thats where I'm at now, all new fluids in, carb is also as it was, but doesn't seem to be a problem, she fires right up, does not flood out or load up, actually sounds pretty good other than that noise! thanks for the tips, I'll keep trying, greg will be over tomorrow, We should have time after work to at least let him listen to the noise, if there's daylight left maybe have him spin it by hand & I'll inspect each bolt for "rub" marks & damage to the plate, will get back with the results when in, thanks,Rich.