Could be the lifters collapsing. I had a 4.3 in a 96 Blazer adn 7 lifters collapsed overnight. After that it would take 5-10 minutes to get the pumped up again and the engine to calm down.
My brothers boat also has an issue like this where when he runs WOT for more than a couple of minutes, the lifters start losing pressure and the valves start rattling. His is a 1985 5.7 260HP though so it is old and tired.
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