Bitter learning curve. Absolutely DONE with carburetors!!!

PhillH said
when I wipe the dipstick there is clean new oil and a slight film of grey film on the white rag. I'm assuming this is the babbot from the bearings??

Any chance you're not running a PCV.? That'd be the grey film, - condensation..

I wouldn't be too quick to assume it's a bearing.

Can you post a vid with the noise?

Consider buying/borrowing a Lisle stethescope for better analysis and area of noise, cost is <$20 at most parts stores. http://www.amazon.com/dp/B0015DLMOO/?tag=joeychgo-20

Consider taking it to a knowledgeable mechanic, for a second opinion.

I've often found a bad bearing will "squeal" for a while before it truly starts knocking.. Any squeals?