1997 Chevrolet Cavalier Z-24

1997 Chervrolet Cavalier Z-24
Mileage 122,000
Engine 2.4

The car has plenty of power, no smoke, no warning lights, does not overheat, but when you give it gas or rev the engine up, it makes a knocking noise. Checked the compression and each cylinder is well over 200. When you drive the car it makes the knocking noise through first and second but when it shifts into overdrive it quiets down alot. The car is an automatic. Where should I start?

No Check Engine light is on, After taking pan off, it seems that the chain at the oil pump is not real tight, All of the bearings look good, a little play in the crank but not much.