Hi Robin. Just a long shot, difficult when not actually there to listen to, but here goes . Years ago i had an early mgb which had a dynamo, i had a horrible noise which increased with revs, how i found the culprit was, i took the fan belt off, and the noise was not there anymore, it turned out 1 of the 2 long screws that go right through the dynamo, had snapped half way inside, what was happening was, when on idle, i.e. slower rotation, the end of the screw nearsest the head of the screw would drop down and rub against the rotating part inside, but when the revs were increased the screw inside then got thrown about more and was bouncing off the rotating part and against the outer casing making a noise like you describe. As i say only a long shot, but sometimes its easy to overlook the simple things. Good luck. Roger.