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Hey Farmboy.. my gut instinct points me towards loose clutch/flywheel bolts. Second thing that comes to mind is Pilot Bearing and Input Shaft Bearing failure.
It could be the throw-out bearing or it could be the input bearing, no way to know 100% sure. As for how long it it will last there is no telling.
I have had thoughout bearings, a single loose flywheel bolt, and broken springs in the center of the clutch plate all make knocking noises at an idle with clutch engaged before.I wouldn't drive it to much. If it fails it could damage other things.As far as changing the bearing, you should cahnge the clutch disc, and presure plate as well.