Call J&B Boat Westville, NJ - far from Long Island but Ed's great and a long time Evinrude master tech - will likely steer you in the right direction.

Thanks, a little too far for me seeing as I don't have a trailer. I usually have to borrow one to bring it to a mechanic, ( only once so far ), I know, I know I really need a trailer, I'm working on it.

I had an '86 Evinrude 150 on my first V20...that thing ran GREAT!!...USED A LOTTA GAS, but good performer...under the flywheel lives stator the acts as generator to make electrical power...my stator worked loose once and sounded like the engine was knocking internally...didn't hear it at idle...only when up on plane...I was sure it was coming from inside crankcase...you might wanna check on your stator and make sure it's staying put...

Joker2 have you done a compression test on the engine?

Yeah reel I will check that thanks, It sounds like it is lower, even without the cover on I put my head right next to the motor and I only hear it down low, not by the engine, seems like it is coming from the lower it is hard to tell. Remember from past posts this lower unit (96') was put together with this engine (94') when it was rebuilt. Jason the numbers were good, all between 100-110

Could it be something as simple as the exhaust adapter at the lower didn't get the rubber rings? Or a loose torque tab? If the noise is in the lower you definitely need to drain the oil to see what you have. Does your motor have the trim rod that goes from side to side through the holes on the clamp? Could be a rattler. But that would go away when you tucked the motor all the way down. Could be the lever that holds the motor in the full up position. Throwing stuff out willy nilly..
Anyone with a travel lift or a forklift in your area? Maybe they can pluck it and you can have a look see on the cheap?

Those are some good things to check, I already took out the trim rod last year as it was rattling all around. I would not be surprised if things like rubber gaskets or rings were missing, the guy who put it together was less than stellar. Is the torque tab the little rutter like dial on the underside with little markings to adjust so the steering wheel does not pull to the right? I checked it, it's tight. Should I be able to see the rubber rings on the exhaust adapter whithout taking anything apart? Thanks for your help, the noise is making me nuts.

internal knock ?
 

I think I have determined my noisy rattle, I finally got up the nerve to rev the engine up to 3500 in nuetral to see if I heard the noise, and yes I did, I am really afraid now that it is internal and not something loose while underway. I think it may always be making the noise I just can't hear it at lower than 3000 or higher than 4000. What would I be looking at price wise to have a mechanic open up the block and check it out? I hope this is not a complete nightmare. Thanks

How bout just take it to an Evinrude master mechanic ( I believe that's what they're called with X amount of instruction classes ) and just tell em' what it's doing ?
If they advise you it's serious, then you have the option to go.......or no go and find another motor.