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I've owned 3 4.7 V8's and they have been amazing no matter how much I beat them!
I've also had that exact sound you're describing. It was from a broken stud on my manifold.
The stud actually backed off so easily I was shocked. It backed out by just turning with a vise grip and then by hand. Replaced the stud and knock was gone.
If you've done basic maintenance on schedule I would be surprised if the engine had any internal damage.
By chance do you know if you have single or twin plug heads?
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