Alright so as many of you know I have been dealing with a knocking noise coming from my '76 CB550f.
Well it appears I have found my issue. Unfortunately, It looks like I've got a bad rod bearing on cylinder 4. For anyone else dealing with a similar issue you can test for a bad rod bearing pretty easily using a two part method. If I am wrong about any of this, I hope someone with more wisdom will correct me.
Part 1:
1. Fire up the bike.
2. If the knock occurs at idle, pull a spark plug cap off each cylinder (one at at time) and take note of whether or not the noise disappears with one cylinder in particular. For me, it was cylinder 4.
Part 2:
1. Now that we have determined which cylinder may be a problem, remove the spark plug from that cylinder.
2. Turn crank until the cylinder is just a few degrees past TDC (starting it's way back down).
3. Take a screw driver or some other blunt object and push the top of the cylinder downward. If there is any play at all you likely have a worn rod bearing which totally sucks.
I hope this is helpful for someone else trying to diagnose a similar problem. And as I said before, I hope someone will come along and correct any misinformation. In fact, I wish someone would cause as it stands right now I've got an engine rebuild ahead of me.