Rob,
The old Magneteks were a Ferro-Resonant design that used line frequency to maintain a stable output voltage. They are always noisy. They are also not very good as a converter charger. The manufacturer had to pick either a good output voltage to charge batteries fast (that will damage batteries with time, or a safe storage voltage (that will take forever to recover a depleted bank).
The newer multi-stage (aka smart) units do it all much better and quietly. If you have a good house bank or plan to install one, this is a good mod to make.
Matt