It sounds like the noise that a poorly adjusted rear derailuer would make scraping against a dork disk that was out of round, that is only once per revolution of the wheel. It makes this sound while pedaling or while coasting. It does it in all gears.

Not sure if it is from the front or the back, as it does not make the sound unless I am on the bike and the roads here are rough and loud chip seal, so its hard to pinpoint. When its on the stand all I can hear is the hubs, which sound good(using a length of tubing as a stethoscope)and if pedaling it on the stand just some drivetrain noise.

It is a Univega Gran Turismo, from the original owner who claims under 500 miles on it. I have since put about 1200 on it. All the derailers are suntour blueline in very good condition with a suntour freewheel. Derailer is not touching anything, It does have the spoke protector(metal, and its not coming off no matter what level of mockery I get)but that does not appear to be rubbing anything. All the spokes are tight, wheels are true, no brake rub.
It has fenders but I see no contact, at least 2.5 centimeters from tire.

Its driving me nuts. Its probably somthing pretty obvious, but thought I would take a stab at getting suggestions.