Update: Haven't had much time lately. Upon further inspection I found that 1 of the 4 the TQ nuts was missing, so hoping that was the cause of the noise. Ordered some new nuts and planned to install them today. I've been doing research and wanted to verify that when fully seated/pushed back, there was some room between the TQ and the flexplate. I believe I have the correct flexplate based on much research (FRA-205) for my 351w.
My method: Pushed the TQ all the way in and measured the amount of stud protruding through flexplate. Then tightened the nuts down snug (more than hand tight) but not all the way torqued, thus pulling the TQ into the flexplate. I then removed a nut and measured the amount of stud through the flexplate. Repeated this two times and got the same measurement.
I have 1/4 inch pag/space from when TQ is all the way against the pump to when its against the flexplate. Research says it should be 1/8 to 3/16.
Is my 1/4 too far out of tolerance or good enough? I really don't want to pull the trans to put in some washers. Also don't want to damage a rebuilt trans.