One thing's for sure, Malcolm - it isn't going to be good news.
I might very well be wrong but it makes me think of a cam chain flailing around with little or no tension. When the revs pick up a bit and there's a more constant load on the chain, it seems to quieten a bit but I don't think you'll be able to fix this one with the engine in the frame.
Not what you want to hear - especially at this time of year - but from the looks of her, she's worth the effort!
Regards,