I have a '71 240 with L28, 4.11 R200 and '82 5-speed I've been running for years with no problems, autocrosses, fast street, etc.
Today I tried a fast launch from idle, and as soon as the clutch was let out I heard a metallic ratcheting sound from under the rear of the center console...exactly like the sound a power drill makes when the adjustable clutch slips...but very loud. That spot is over the front of the differential but this was totally different than the common Z rear-clunk. I only happens at launch...not in any other gear or speed.
My possible guesses: front diff flange loose, front diff bearing bad, rear driveshaft u-joint. Maybe even the front diff mount...but in the 27 years I've been driving Z's I've never ever heard this sound.
I'll drink lots of beer tonight and worry, and will be going under the car tomorrow. Just wondering if this sound rings a bell for anyone else.....