I once bought a nice running 350 the owner said was "junk" --he was taking it out to swap in a 454 when it started making a weird hollow "thunk-thunk-thunk" sound inside the engine down low...it did sound very ominous and "expensive"..
When I crawled under the truck with it running in hopes of pinpointing the noise's location,I noticed the oil pan was pulsing in and out on the bottom some in time with each revolution,and looked stoved in a bit..evidently he either bottomed it out on something,or someone may have jacked the engine up by the pan without using a wood block--I took it off after we got the engine out and home,saw where a counterweight on the crank had been scraping the inside of the pan--and the oil pump screen was loose from the pump and mushed up a bit,but had not come completely off.....
A few more miles,it would have rubbed right though the pan--or ate the pickup screen !....I put a different good oil pan I had on it,and a new oil pump (12.99 at Autozone)--no more horrible noise!..that engine turned out to be one of the best ones I had too..