I started it up tonight and pulled the plug wires one by one. No effect, the sound was still there.

Better yet, the sound even stopped entirely at one point. And then restarted. It's like a "tick" sound towards the top and a "clunk" lower down inside the engine. Based on someone's recommendation, I tried setting a screwdriver near each cylender to try and isolate the cylinder. (I have no stethoscope). I was unsucessful at that.

The screwdriver trick usually works. Guess we'll wait on the results of the compression test. It could still be a valve spring doing that. The click could be the lifter hitting the valve and the clunk is the valve hitting the piston because the spring isn't returning the valve to closed position. What ever it is doesn't sound real good.

Uhmmmm I would be dumping the oil at this point........ time to take a look at the magnet.

That's what I'm hoping it is, I think taking out the crankshaft to fix the bearings is a lot more work. I know the bearings were done recently, which is why I'm not immediately suspect of that.

I'll keep you all posted.

It is relatively easy to drain the oil and look at it though. It would rule out the bearings while you are waiting on the compression gauge. Check with the auto parts places though, they usually loan compression gauges for free.

See here:

http://forums.pelicanparts.com/porsche-924-944-968-technical-forum/273057-whats-look-like-you.html