Im gonna lean towards a lifter not pumping up. Pull the valve covers off and run it and make sure the rockers all have sufficient oil running through them.
brand new push rods, new tappets, new head, new cam, rebuilt IP, new pistons, bearings..it was a major overhaul. Could the overflow valve on the pump make a tick? Im running a fass pump.....
I'm assuming you meant that for some reason a lifter is not getting sufficient oil since you obviously know that they don't have to pump up in these engines?
Personally, if it was mine, I'd swap the old timing cover back on just to rule that out. Should be an hour job or so if you've done a couple pump swaps.
Chris
I don't believe this is your problem or see how it could be, but when my 24v froze 2 rod bearings it had no symptoms when you would first start it cold unless you would rev it up at idle and as soon as you let off it would tick/knock only 3 quick times