Knocking. Have suspicion it is a spun bearing.

Anyone know how to properly diagnose this knocking noise. Engine has 198k on it should I go through the hassle to repair/Remachine or buy new engine?

 

You would need to disassemble and inspect the engine to determine the "right" course of action.

If you kill one cylinder at a time (ignition or fuel) you should hear a difference with the knock if you have a spun rod bearing.

 

Most likely a used motor would be your fastest way of getting her back on the road... spare vehicle, try to figure out which cylinder is the cause as stated above and go from there