knock knock

[familyfast64]

Ok,
Bare with me, please.
Let me set the scene right quick.
It was 10:00 pm, movies are due back by midnight. I fired up the truck and let her warm up. Cruised nice and easy all by my lonesome to the video store in town. It's a 30 mile run down the old highway at 55-60mph. I made it there on time, and headed straight back for home. Gauge checks are regular and with them reading, 165-170degrees/ 14.1volts/ 58psi at 55mph and about 2200rpm everything checked out.
Without notice, a loud loud knocking or popping sound started to occur and I instantly took foot off the gas. During the few seconds it took to pull over I checked gauges, thought belt, thought rod, thought but I want even accelerating, thought my radio isn't even on and there was no warning noise, thought dang my wife is going to be mad, thought about calling the p/o who used the drivetrain as his number one selling point talking about how strong and reliable it was while also being fresh with only 3400 miles, thought oh this is just what comes with the hobby and now I'll get a chance to learn what I'm actually working with. The car comes to a stop.
I immediately jump out and ruled out my first thought. Belts good, nothing hanging, nothing obvious anywhere. I tried bumping it over and the knock was so loud I couldn't stomach it. Keys out, phone in hand I call the wife. 10 miles from nothing, service in and out, 3 calls later she's loaded the kids and coming. In an suv mind you, with no tow package. We didn't renew AAA.
I have her take me to a guy who lives out of small place attached to a huge shop. Outside sits an old 56-57 Chevy 2dr gasser. Couple old t birds, mustang, a 69-70 gto with every option you would want and some crazy cool old orange paint and custom paintwork. Not pin stripping but fancy late 70s art. Also, a galaxy and some other old trucks. I was greeted by the guy with a smile on his face like he already new. We had met before because of that gto and my nova. He helped me tow the truck home without hesitation and would not take a dime no matter how many times I tried to throw it at him. He said he hasn't had that much excitement in months and made me feel very welcome.
I assumed it would be the worst and stressed about having to pull the motor not having a picker or any of the right lifts. He pulled me straight to his house and set me up in one end of his shop. Said anything you need. Awesome guy. I took off the air cleaner and tried more persistently to start it and keep it running for a second so he could have a listen. He immediately diagnosed a wiped cam. And I believe he's right, at least I don't believe its a rod anymore cause the loud popping was backfiring and against the metal k&n air cleaner lid it sounded like a bomb going off over and over. With it off it wasn't so bad. I think it could be either the cam, push rod, maybe even spring or lifter or busted valve?
The backfire Is because a valve isn't opening, right?
Anyway, we had a couple drinks and shot the **** till after 2am when he took me home. I'm going this evening to open her up and find pt what's really going on. Thought I'd fill you all in, maybe you've had similar experiences before and could throw some tips my way? I'm really grateful I have a hot rodder close by. With his real life experience and my having done so much learning and recent tinkering with the sbc stuff, I think I'll be alright. Worst case scenario, his cats scratch the paint on the hood (lol) and I end up having to swap in a replacement engine from off craigslist while I build this one back up. Best case, broken valve spring or push rod, maybe new cam and lifters?
Thanks guys.
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