I've been chasing a valve sound for quite a while now.
I adjusted the valves to .006 and 018 according to some information I got. Valves were more noisy than ever. Adjusted them to 0.006 and 013 and things were a little better.
I still had the sound but not as bad and I thought perhaps it was a timing/ignition issue.
I realized that the vacuum advance was shot so I ordered a new one and installed it. Set the timing to 5° advance.
I replaced the 6 volt coil , cap , rotor, and spark plug wires.
I did a compression check into my surprise I had 130 lbs in each cylinder.

Now, the noise is only there when the engine has a slight load on it. No valve noise at idle and no valve noise with a lot of throttle.
I retarded the timing to 3° advanced, that didn't help.
I then set it to 10° advance and that didn't help either. So, it's back to 5° advance.

Does anyone have any ideas for what I should check next?
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1946 1/2 ton Chevy Pickup
1954 235 cu in
3 speed on the floor