First off, welcome to the forum from Oregon.
Believe it or not, based on the info' you've provided the transmission would be the last place I'd be looking at this point...as I can't think of one person who has trashed a transmission in a VL1500 LC. But more info' on the bike would be helpful in narrowing down where to start looking...like
- How long you've owned it?
- Did this noise just start?
- What oil (brand, weight, type, etc.) are running in the bike?
- Any clutch slippage?
- When where the wheel bearings last changed?
- When was the last time you changed or checked the final drive oil?
24k miles is nothing on the VL1500's...they are high mileage bikes. It would be seriously odd if it was actually radiating from transmission as generally like the motors, they are pretty bulletproof. Albeit it's not uncommon for the star gear (partof the linkage) to need some work or experience a broken clutch spring. Knocking could actually be from several points, including the the normal loosening of the riveted rear rotor. I think if it were truly as you say I'd be pulling the rear wheel and have wheel bearings changed if you haven't or don't know when they were done. Right about 20k-25k is when they should be done on that bike...both wheels. There are other possibilities too, but narrowing it down by answering the questions above would be really helpful.
By the way, I know a guy with verified 257k miles on his original LC motor & transmission, and many others with well over 100k...all of them still running strong. I've yet to hear of anyone losing a transmission (yet). Same with the motor (including bottom end or chain tensioner). I have heard many who have run the wrong oils causing all kinds of problems with the clutch, etc. (all of it fixable). The hard part is identifying where the noise is truly coming from.
Larry