Could definitely be a rod knock. Being one with experience in this area (killed a 318 in '74 Dodge Coronet), the knock WILL get a lot louder before parts start exiting stage left. What puzzles me, and it might be because of the video, is that usually the rod knock will be steady. The sound I'm hearing is more up/down, more random. I seem to remember sounds like this from years back when I had a '73 Chevelle in which all but one of the torque converter bolts broke, and the TC was flopping around in the housing. Might be worth a check. Should be able to remove the inspection cover and give a look see.