OK well! 3 weeks later and she is back together, not without dramas but never mind, all in a good days work (or in the case several days!).
So my timing chain was so loose it was rattling on the cover! i take it all apart, radiator out as I have a dumb clubby fan with a spacer, and find that the bottom radiator cowl is in 2 pieces! Another week goes by...
Kev uses his welding geniusness to fix the cowl and weld nuts onto the engine mount. Next the engine is jacked up slightly and the mount comes off. Easy enough. Go to put the 1 5/16 socket onto the harmonic balancer and OMG it's loose!!
Take it off and cover comes off. But wait, there are like extra bolts on the cover! apart from the 8-9 regular bolts on the gasket there are 3 extra ones that the previous owner decided to "add"

so those come out permanently...
The crank key had cracked right in half and the keyway for the harmonic balancer was at least 1mm wider than it was supposed to be
So a new MADE IN INDIA chain, seal and gasket and way she goes. Then I find that the top bracket won't fit back on! i have a clubby top bracket not a morris one. Another week goes by.
Tonight it's all back in. When I thought that Lillee could not possible go any better, she's doing great! no more chain slack, no variance in valve timing because of a loose chain. She's so much quieter too.
AND the whole purpose of this story... the KNOCKING is gone!!! I bet it was the balancer knocking against something... Gee I am so glad i decided to change the chain even though it was heartache...