Its not piston slap is it? Its not so common on the tall block engines but it can happen, its when the piston/bore becomes slightly oval and knocks slightly from side to side on the up and down stroke, worse when cold, better/gone when warm, also worse under load. If it doesnt fit that discription, its not piston slap but its very rare for these engines to suffer from anything like that to be honnest, cracked pistons often make a tick/click/knock, where as bottom end is a heavier knock, strange though, I know running on 2/3 cyls will put a lot more strain on the crank, which could have spun a shell but unlikely unless there was an under lying issue previous to that.
How long has this gone on? As bottom end failure usually gives you 100 miles from when it manifests its self to when it eventually blows a hole through the block, if its done a fair few miles and only getting slightly worse/not changed i wouldnt be to worried about the crank side of things.