If you put it on stands, start it and move the steering wheel does it make the nosie? If it does switch the motor off and remove the drive belt and do it again and tell us if it makes the same noise, (it won't overheat if it's only for a minute).
Also with the drive belt off and motor stopped turn the pump by hand and see of it feels ok, do the same to the alternator and water pump as well. When these engines make funny noises it's usually one of the things bolted on it like a water pump etc. I never had to touch my VN's Buick motor other than 2 or 3 alternator rebuilds, water pump and surge tank which started to crack, CAS, Harmonic balancer and IAC valve the motors themselves seem to go forever (unless they run out of oil or coolant).
How much warranty is on the new rack and pump?