Transmission noise

[Zach]

I have a '92 with around 110k mi, I have had it for a couple of months now and have put about 7k miles on it.

A couple of days ago I noticed a ticking or clicking sound coming from the front of the car. At first it sounded a lot like a valve tap, only really bad.

After putting the car on blocks is sounds like it is coming from the torque converter.

It is rpm related,
makes noise at rest and at speed,
it changes sound slightly when the trans is shifted from park to drive and
if I rev the engine a couple of times in park it can go away for a minute or two.
Fluid levels are good
No visible leaks
Car clunks then has a slight grinding noise when under load in reverse

When I bought the car I was told the transmission was recently rebuilt, I had to replace the engine and the torque converter looked new so I took him at his word.

I am not too worried about reverse but does anyone have an idea on the clicking? Can a torque converter start making noise?

Any help would be appreciated as this is my daily driver and I have a long commute.