Yes I have tried the old screwdriver trick. It seems pretty loud if you put it on the cam cover, dizzy end.
The alternator was a new unit fitted when the engine was built up. I may try running it without the belts momentarily just to rule it out. The noise is slightly 'behind' the engine revs. Do you think a vacuum/air leak could make the noise?
My 16v has developed a strange screeching noise. Immediate thoughts were the distributor as it sounds like a rotational noise coming from the gearbox side of the engine, topside. I have just fitted a newly reconditioned Bosch dizzy and the noise is still there (albeit it now idles a lot smoother so one improvement!)
Small backstory on the engine: Block and Head bought s/hand, both done a small number of hours running since recon prior to my purchase. Head is a Robert Cox polished & ported and block is standard 1.8. It has piper 270 cams with an adjustable vernier on the inlet cam. Done approx 2000 miles since install with zero issues until now.