Squeaking out of the rear pipes - yipes!
Nah there's nothing rubbing at all that I can see.
I think that the timing is way the heck out on it. Why? Because the engine is running rough, a bit hot (200 the other day) and does not breath above 3000 rpm. Also, the sound that I am hearing sounds more internal than any metal rattling noise. I'd had this noise in the past in another engine and it turned out to be timing then too.
But the problem is, these crate Commando engines - 306/300 in my case - have very ambiguous timing marks on the crank damper. I had not timed this thing in years and when I re-timed it recently I think I forgot which mark to set it too, and whether it's a mark for idle timing or max (3000 RPM) timing.
If anyone has one of these engines and can post a picture (of the timing mark, that is) I'd be obliged.