2nd project, last Saturday, fingers crossed and hoping and praying that the valvetrain noise can be adjusted out and it's not just a lack of oil pressure. Might as well throw new valve cover gaskets on too.
Tore the covers off, cleaned everything, started adjusting valves. They were so loose that the pushrods on #2 and #4 could have almost fallen out. The rest were almost that bad. My book says 0.014" clearance on intake and 0.016 on exhaust... some were at double that. No wonder they clattered so bad. Checked & adjusted them all twice, GTG. I'm guessing based on two different types of valve cover gaskets that this was a mistake that some tard made and not simply a worn out engine.
Put it all back together, fired up and it is soooooooo quiet. The valves were actually louder than two large exhaust leaks & a glass pack muffler! Let it run for about 20 minutes and then changed the oil & filter - figured it deserved it after 20+ years. The old oil was pretty dirty but had no metal in it, excellent news there. Oil pressure sits kinda near the low end of the gauge but it must be sufficient, normally I'd put a better gauge in but it's nice and quiet so I am no longer worried.