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Hard to say based on your description alone, but I suspect it's the fan blade. The original fan clutches allowed the fan to freewheel until it got hot. Those clutches are no longer available. Modern clutches are much 'stiffer' and do not permit as much freewheeling. The result is a noisy fan. I had to replace my original fan clutch a couple of years back. I researched the heck out of it, but you simply cannot get original spec fan clutches, unless you get lucky and find something NOS. The noise is annoying but I've learned to live with it.
Hard to say based on your description alone, but I suspect it's the fan blade. The original fan clutches allowed the fan to freewheel until it got hot. Those clutches are no longer available. Modern clutches are much 'stiffer' and do not permit as much freewheeling. The result is a noisy fan. I had to replace my original fan clutch a couple of years back. I researched the heck out of it, but you simply cannot get original spec fan clutches, unless you get lucky and find something NOS. The noise is annoying but I've learned to live with it.
I put a new (repro) fan clutch in my '72 recently and when started from cold it sounds like a jet engine revving up. The clutch then seems to disengage after 10-15 seconds of high noise and quiets down to what I'd consider normal noise level.
"Is something wrong? I don't know..." <VGG>