I have a 1990 7mgte that for a bit I thought had something wrong with the rods or something lower end because it was knocking, turns out I had an oil leak in the same area as you, can't be sure its the exact same place but, I fixed that leak which wasn't cheap, ran me about 300 and I did a bit of the work myself. As soon as the leak was fixed the knock faded out fast and hasn't come back.
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