Pull the valley pan and have a look. I've lost 2 HFTs over the years, and both made sharp slivers of ferrous metal. Growling would also make me think timing chain or valvetrain. I guess if it spun a rod it might growl before it knocks, in that case you're lucky you saved the block. But my bet is still valvetrain. I've found that badly worn intake lobes will show higher cranking compression due to early intake closing.
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I could explain all this to the girl at the parts store, but she'd probably call the asylum.
White '67 LeMans 407/TH350/Ford 3.89... RIP
Red '67 LeMans. 407/TH400/Ford 3.25
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