One possible source of valve train noise could be "wobbly" rocker arms (on the shaft - replacement shafts are available) and/or indentation-wear on the valve-stem-to-rocker-arm mating surfaces. Those surfaces can be reground.

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.