When i first started modding my car Jim. I had trickflow 2.02/1.60 with a crane 2043 (very similar) to a E. Running Scorpion 1.72 rockers. No PTV problems. Shaved heads 10 (melted valve seats) and still had no PTV problems. If i remember right the lift was around 540 +/- with the 1.72s and the Crane 2043. Try warming the car up, then adjust the valves and see how it does. Bent pushrod will make noise regardless of temp...

hell now that I think about it. Cliff (1fastang) has a F cam with 1.6s with no issues. His heads are 58cc ( milled a couple of times) the valves are completely unshrouded even. His car runs strong. No issues at all.

I would bet the valves are just adjusted incorrectly. Which means the car will probably make more power once they are right....