solved...
The timing was around 18*, re-set it at the factory 10* BTDC and it idles fine.
The valve/lifter noise is negligible and until/unless I have any secondary indications of a problem, I am not going to worry about it.
In fact, it is quieter than my B-cam/valve train on my stang.
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1988 GT Convertible
331 10:1 TW heads, GT-40 intake, MSD, TRW flattops, B Cam w/ 1.7's, MAC exhaust, 24's, 70 TB, 76 MAF, 3.73's, Pro 5.0, Koni's, Anderson PMS, Wideband 02, yatta, yatta...
One week with new motor, two speeding tickets...joy
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