Took the E out for a run yesterday.  After about an hour I heard a squeek like a bearing coming from the engine, after a while it got louder so I pulled overand it seemed to be coming from the distributor area. 
 
Assuming it was a fan bearing I got home then took the belt off to check, but the noise is still there, so it cannot be fan or alternator. 
 
I pulled out the distributor thinking I may have a broken tooth on the drive gear - common, but no, gear all good. 
 
I then cranked the engine over for a while, no noise.
 
I pulled the fuel pump out to see if the actuator arm lost its platsic block, but no all good
 
I pulled the left rocker cover off, all looks in order.
 
I guess next is Timing cover to check the gear and cam retaining bolts
 
The only other variable that comes to mind is the Oil pump Drive Shaft may have rounded and spins under load, but there has not been any drop in oil pressure, but the engine does have an odd miss at idle, runs sweet at revs
 
Got me buggered, anyone got any suggestions?

I had a similar noise in my pinto and thought it was the fan belt.  It was the distributor and a tiny dribble oil onto the top of the dizzy shaft where it touches the cap and it went away immediately.    
Good luck
 
Matt
 

Good call, the dizzy main shaft has a bit of slop, i'll get it bushed.
 
I have removed the oil pump drive, its not rounded off
 
Tomorrow the timing case, or tonight if I get motivated

John,
 
Check that the head to extractor gaskets are not leaking and or there may be a vacuum leak at the carby base gaskets.  Also check that the carby heat insulator is not cracked.
Those who are IT gifted, how can this sound be heard on the forum?
 
Regards
John

Have to agree with Matt on this one JR. The distributor will make a noise like you have described. I have had a few Windsors make the same noise too. Either get it rebushed  if it is shagged or lube it up. Good luck.
 
Cheers, Craig.

Try another distributor. Might be the bronze bushes on the distributor shaft running dry.

The dizzy needs regular oiling so as others have said that would be my first guess too.  If oil in dizzy doesnt stop it then my next guess is a cam bearing.

Mmmm, I remembered I have a factory electronic dizzy from a South African V6 Sierra in my box of tricks, Ill get that in.  Hope its not a cam bearing you may remember the trouble I had with the cam the other year....

Just stripped the distributor, there was about 1mm of end float in the main shaft, I replaced the washers under the shaft at the head end also put one under the gear, very nice now, and I have used copper washers so they should bed in.  Next job is the electronic conversion, hopefully this will sort me out 

Re-fitted the distrubutor and fired her up, no noise.  Thats a relief, must have been the end float