Yes,
A piston axle, (wrist pin), is always a possibility, as suggested by GGR. It may not effect oil pressure. Wisely, Dan Caron, says one way to diagnose a bad wrist pin is to remove the spark plugs one a time and see if then noise goes away. Thanks Dan. This situation is rare. but very possible.
Valve clearance is measured between the rocker arm and camshaft. .003" for the intake and .007" is what I use. Rough valve timing can be checked by setting the crankshaft at "0" TDC and see if the indexing mark on the first cam holder and the slot in the washer behind the camshaft gear are aligned. Always turn the engine in the normal direction of rotation from the crankshaft. It is ok for the slot in the washer to be a little late. It should never be early when the crankshaft is at "0"
Also look closely at the steel valve cover supports. If they are too close to the camshaft, you will get a tapping noise from them.