I wish I could tell you what it is other than a serious sounding knock. As loud and sharp as that is you might be able to feel it if it was the fuel pump by placing your hand on it while it's running.
You might get a cheap mechanics stethoscope (HF) to see if that helps seeing as the hose and wood stick didn't do the trick (I like the stick method myself). Remember you are just looking to locate the closest moving part to the source of the knock. If you're by the timing cover you have the number #1 cylinder, timing gears crankshaft bearings, balancer, pumps etc in the neighborhood as suspects. From the clip it looks like the engine twitches with each knock seeing the coil moving.
Mike