Chris,
Here's a way to find out exactly where the noise is comming from. Put the car on ramps or stands so you can get under it. Get a screwdriver with the shaft running all the way through it (metal all the way through), or a wrench. Start the car, in neutral of corse, put one end of the screwdriver to the oil pan and the other to your ear. Do the same thing with the traney, it wouldn't hurt to have a partner depress the clutch for you while you do this. This will tell you exactly where the sound comes from.
Sound travels in waves and does so best through solids. Better so than it does air. The more dense the object the better sound travels through it. This is also a good idea to do when buying a used car. You can really get a sense of what is going on in an engine this way. I almost bought a T-bird TC once until I heard the scored bearing through the screwdriver my dad had with us. Saved me some cash.
<small>[ April 23, 2002, 10:51 PM: Message edited by: RJ-92 ]</small>