That would be true plowboy if the bearings taken out of the engine were indeed old.
We or the op'er don't know if there was any noise before he tore into it. Perhaps those were new bearings he took out and the knock was the reason the tractor was parked to begin with.
That's why I thought it was important he determine just where the noise was coming from before he tears it back down. A stethoscope (or a rough substitute) will do that for him.
While it's not the classic pattern of a thrust bearing issue, it bears looking at closely.....I assume like every engine I've torn into this engine has a thrust bearing doesn't it?
Which brings to mind the measuring the main journals. How do you propose that is done without removing the crank?
Granted I don't know if this engine is an ohv, an f head or flat head nor do I know exactly how the ignition is set up but mechanically it's going to be put together just like every other internal combustion engine I've torn apart. So unless you have a tool I don't know about how you are going to mic any main journal without taking the crank out of the block which means in the case of a tractor splitting and a complete tear down.
Think before you start mudding the water for the op.