Help! Small block 360 has a knocking sound

A little while ago, my Dart's 360 developed a pretty noisy knocking sound. Initially it sounded kinda like a dead cylinder, checked all the plug wires and sure enough, one of my plug wires was leaning against the header and it burned straight through. I replaced all plug wires, spark plugs, it has a new coil, and still has a knocking sound. I pulled the valve covers off and watched it run, all of the valves were opening and closing just fine, nothing looked damaged. I'm starting to think it has a rod knock, but the weird thing is, you can kinda hear the knock in the exhaust, so I'm not really sure anymore. Also did a compression test, all 8 cylinders are very healthy at about 200 PSI for every cylinder (Varies a little between cylinders of course). I am stumped, anyone got some ideas? Thanks.