I hear a noise....Possible rebuild

[Reg]

So for about 2 weeks my 7MGTE has been making a feint (probably loud to some!) clunking noise definitely coming from deep internally, and its progressively getting more noticeable. Its louder from within the car but can be heard from above. Sounds like its coming from cylinder 5 or 6. Here is an attached video.

Disregard the small exhaust leak in the vid, I'm pulling the headers soon to weld a small whole near the flange.
https://www.youtube.com/watch?v=Z-8giipYFyc

Possibly a rod knock? Car runs fine with no problems other than the sounds, boosts well. Valve seals have been an issue for a couple of months, small puff of smoke on cold start up. I do have a slight crank pulley wobble that has become worse over 3-4 years.
Any info will help, just looking to identify the problem before i jump well into it.

 

[Quin]

Hard to tell from a video but sounds like RK to me. Metal in oil? Does it get louder around 2500RPMs? Does it get quieter if you yank the plug wire for 5? What about 6? Louder, quieter or the same with the clutch depressed? Have a helper push the clutch in while you watch the crank pulley (car off), does it noticeably move? Dial gauge on a magnetic base is the right tool to check but most people don't have access to one and if its crank walk and already knocking you will probably be able to see it move.