Update on the loud engine knock/tap. First of all, thank you to everyone who replied to my post. All of the input you gave was greatly appreciated and everyone seemed to have some very valid reasons for what could be causing the loud knocking/tapping sound. That is the best thing about these forums, we all get great information and can learn from other's experience.
I have to admit, I was pretty concerned after reading what could potentially be causing all the noise and the $$$ that could be involved to fix it. I purchased a mechanics stethoscope yesterday and I will say that was well worth the $20 after using it. Long story short, when I got home last night, I went out to the shed to take another look at the tractor after reading all the great information provided.
Admittedly, I am a praying man and believe in the power of prayer so I threw up a quick one to the good Lord and then started the tractor. The loud noise was still present. So I used the stethoscope to try to isolate the sound. It did seem like one cylinder in particular was a little louder and closer to the top end. I then jumped on the tractor and revved it up and down and listened. It continued to rap loudly keeping in sync with the RPMs. The tone changed with the speed - more of a loud tapping on the faster RPMS and more knocky on the slow rpms. I revved it up and down slowly three times and then ON THE THIRD TIME REVVING IT UP - the sound disappeared completely.
The engine idled like normal - no sound. I revved it up and down several more times - no sound. I then through it in gear and drove it around the yard, using the throttle and foot throttle to work through the RPM ranges - still no sound. I live about a mile from town so by then, it was good and warmed up so I drove it into town, topped of the tank with half a tank of new diesel and drove it home - again no strange sound. Parked it for the night and fired it up again this morning in 25 degree temps. The new glowplugs did their job and it fired right up (no more ether!). And again, no more loud knocking rapping sound.
Here is my take on this so far.
First, if you are a praying man, it never hurts to ask the good Lord for a favor!

I can honestly say I have been blessed many times in my life by the man upstairs, especially when on bended knee. Enough said.
Secondly, I think the post from ZZVYB6 (read above) fits. In this case, the glowplugs I changed were original and 22 years old and all had carbon build up, the center one worse than the others. And, coincidently, the loud knocking occurred AFTER changing the plugs. Sure, something else like a main bearing or rod bearing could have failed by coincidence at the same time however it would seem unlikely. (never say never though!) The one variable in the whole before and after review was pulling the plugs. It would make sense that if there is considerable carbon build up that some carbon was dislodged and floating around in the head until the point where it blew out in the exhaust after revving up the engine several times. I will admit I am surprised by how loud of a sound it made. I did talk to my local Ford/NewHolland dealer and they did say it is possible and could almost sound like someone threw a small rock into the combustion chamber. Good news is that it is gone and the tractor is running smooth as before.
I will keep this post alive with a few more updates so as not to rule out anything else and let everyone know how long term this played out. In the meantime, I love my Ford 1720 again. Okay, I never really quit loving it... I must be a tractor junkie. I have to say, they are great little tractors for their size.
If anyone has additional feedback, I would like to hear it. I learned quite a bit so thanks again. The feedback was great.