Another one from the Mr. Sony Archive:
Also, check ALL the spark plugs. I bought a set from summit, 1 of them was a completely wrong plug in the right box. If I would've put it in it would've smacked a piston, but it was in an R45TSX box like all the others. A dead hole would make a noise, but not the one you describe and thats in the video. Put another plug in it if you haven't. F8ck it. It's $2.
It kinda sounds like a rocker hitting the valve cover. It's rythmic, that's for sure. It's making noise in a very specific pattern, like a valve opening and closing, or something. The noise doesn't sound all that muffled, it may be something external. When my thunderbird bent a pushrod, it sounded kind of like that.
And fyi, Olds stopped painting blocks gold in '74. Gold paint means nothing on an oldsmobile engine past 74. '78 350 will have windowed mains, not as strong as a 73 and earlier block, and the heads I believe were made by pontiac and, well sucked. Flowed terrible and were crack prone. It's still a 307, so a 403, a 455, 425, or a 330 will swap in with very little hassle if you cant find a decent 350 to work with.