kursplat - no sir, threw that in there for laughs ;)
pulled the tailshaft and see nothing wrong. Speedo gear looks fine, as does the sprag. Turned it by hand a few times and very quietly I could hear the noise. Sounded like it was coming from above the valve body. So I pulled it and still don't see anything too terrible. Bands are pretty sloppy... would that make that kind of a noise? Noise gets worse with higher rpm and when it gets hot.