Thanks for the reply!
Now I can't find the original video, but this video describes exactly the sound that's ever-present.
It should be mentioned it's been adapted for an external fuel pump. Between my making this thread and now I've also discovered the pump is an aftermarket bosch made for a 77 BMW. Rated at 5 bar, wheras as I "believe" the stock '86 fuel pump was 3.
Does this mean there is still a lift pump in the tank? I'll include a picture of the fuel pump and its pre-filter. It's very obvious the noise is coming from this. No fuel smell around it though. However I should note that in the cab and in the engine bay area, notably around the intake manifold side, there is fuel smell.
I suppose it's also worth noting that maybe 1 out of 5 starts, the fuel pump sounds normal for one or two seconds, then goes to its noise. So I know the pump is capable of sounding normal under some kind of circumstance.
Edit:
This sounds a little closer to what it really sounds like. Much louder though.