Chad,
I may have missed some key point in this thread and my comments may be out the window. I read your profile and it appears the engine in your truck came out of a '55 car.
The valves sound absolutely horrid to me, there is definitely something awry. I would have thought a '55 car motor would have had hydraulics, not solids. More wise folks could confirm this, but adjusting hydraulics to solids specs would be very interesting...yikes!
Stuart