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Clint, these old mechanical overhead valve trains do clack louder than the hydraulic valves in a newer automotive engine. Not being able to hear what your talking about... it's possible what your hearing is "normal". When I first got my TO... I thought the dang engine was ready to fall apart it was clanking so much louder than what I was used to. After rebuilding it, it still sounds like my 'ol '89 VW Golf that has worn out hydraulic valve lifters.
It probably would be a good idea to pull the gas tank & valve cover and check your valve tappet clearances. No, you don't need to do cold & hot tappet clearences... one or the other is just fine. Manual says .015" cold, OR .013" hot. Cold is room temp, hot is operating temp. That goes for both intake & exhaust. Worn valve guides won't make noise, just cause higher oil consumption, and in severe cases sticking valves. With the valve cover off, you will be able to check-over your lifter rods, tappet clearences, valve springs, etc. to make sure all is in good order. Your valve area under the valve cover should be wet from splashing oil, but won't have oil gushing from the rocker assembly while running. Crazy as it sounds, the manual walks you through adjusting the valve tappets WITH THE ENGINE RUNNING. That can be done without spraying oil all over the garage... and you, so that gives you an idea of oil spray. Yes, it IS possible you are hearing something in your governor. How does your governor respond? Your ball-type governor does make some clanking noise when turning the engine by hand as the big ball bearing clank around as they don't have enough RPMS for centrifugal force to throw them all out against the cone plate, so you hear them clank up & down from the force of gravity as the governor turns and the balls fall up & down.
George
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