If it is 'too fast to be a rod knock', then it has to be an accessory driven item, or the flywheel/flex plate/torque converter flopping around.
To check accessories(that rotate faster than a connecting rod==crankshaft speed), try using a piece of tubing stuffed into an ear to localize the sound. Move the open end around, avoiding things that will amputate fingers, noses, ears, etc, and listen for the noise to maximize. You can also remove the serpentine or v-belt and determine if the noise goes away, or rotate the accessories by hand to see if there is something loose or something with a bad/dry bearing.
The valves operate at 1/2 engine crankshaft rpms, the connecting rods at crank rpms, so all that's faster is driven stuff, at either end of the crank. I think.
tom