I have heard of excessive side to side play in the powervalve that can be fixed by just shimming up. The power valve linkage has an adjuster on the top. Adjust until the linkage just fits smoothly on the end of the power valve shaft with the valve fully closed. Also check that the wire retaining clip is still securely in place. If not, either clip it in properly or go looking for it if it ain't there! Most likely place is down in the engine and that's not ideal!
If all looks well, use a metal rod or screwdriver against your ear to try and locate the source of the noise. Move around the main sections of the cases sucb as clutch cover, crank ends, water pump, flywheel etc. Water pump shafts have been known to shear off or wear really badly causing the impellor to catch the inside of the casing.
Just try not to touch the HT lead. Not good but will clear stubborn ear wax.
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