A way to check the viscous fan clutch as Wraithman says is to remove the fan belts from the crank pulley and run the engine and see if the sound goes away.
The engine should be at operating temperature, and should not be run for more then 15 or 20 seconds, as the water pump will not be working.
Maybe one can just disconnect the fan clutch and leave the water pump still active, I'm not familiar with the belt arrangement on the car.
I realize this may be a huge job, not like a modern car where one can simply remove the serpentine belt by disengaging it from its tensioner.
If that very loud sound is coming from the fan clutch, just turning it by hand should reveal a bad bearing.
There should be no sideways play either.
What about exhaust, a lose heat shield or something internal in the exhaust, or even a damaged matrix in the cat (if there is one or more) ?