Hmm.. Where to start.
I narrowed down the noise to the torque converter using HP Tuners.
Then the oil PSI when hot dropped to the point where the "Check Gauges" light came on, and the motor made a light "tack" sound every 3-4 seconds. The oil pressure when cold is okay but would slowly drop down as the engine warmed up to operating temp. That was in early December 2012. I immediately parked it and towed it to my parents garage in the desert where I did the forged 347 build. It's been sitting until now, when I threw it on jack stands and did an inspection. The noise is coming from inside the shortblock/combustion chamber from the front of the passenger side cylinder head (verified by using a mechanics stethoscope on the header primaries). It's not a pulley as far as I can tell. 99% sure it's a main/rod bearing or possibly something bad in the valvetrain. Took off the valve cover and everything felt like it was under the proper tension.
On the bright side, the only thing I want to do to it within the next year and a half is make it run well and install the Procharger. All future appearance items can wait (custom spoiler, TA sideskirts, repaint, interior). Priority is on engine, trans, and Procharger.
The girlfriend & winter stuff & my Jeep has been taking a lot of my time lately. Going to be doing final troubleshooting before dropping the motor (to make sure it's not a sensor or a pulley) and then dropping the motor if it isn't an external issue (like a pulley combined with a failing aftermarket oil cooler thermostat), the weekend of March 9th with a few friends.
If the motor is done for, I'll probably be going 383 unless I have enough money in the bank at once to go with a larger-displacement forged aluminum build.
Will take lots of pics and keep you folks updated... Also, I got a sweet wide angle lens for my DSLR, so expect some decent shots with this build (if it happens).