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I have a tapping/slapping noise from the front of my 5.7L 350 in my 79. I have ruled out a valve tap for now. Can my timing chain be hitting its cover? If so can it be adjusted? Do the chains stretch over time a get loose? the noise apprears after 1500 RPM.
The OEM sprocket on the cam had nylon teeth which can come off in chunks. If it does you will hear a ticking or clacking coming from that area. You can localize the noise by using a piece of hose or a long screwdriver and with one end near your ear, put the other on the timing cover. Be very careful around the fan!!!!!!
If that is the problem, a new timing set is in order. Best bet is a double row true roller.
by the way, I needed to turn the ignition a couple of times to turn the cam shaft so the fuel pump rod could depress far enough to allow the fuel pump arm to insert into the proper position. Several of the books and manuals I had did not discuss this step. Using vaseline to hold the rod in place did help,