[cadillac_al]

When you start hearing loud ticking in the exhaust it is either a burnt valve or a sticking valve. Since the new points didn't make any difference it is sounding that way to me. It is nice to adjust the points with a dwell meter so you can hear how the engine responds. You said the top end was rebuilt and the compression was decent in all cylinders, That kind of kills my burnt valve theory. I guess I'd have to hear it. A burnt or stuck valve will make a loud ticking echo all the way down the exhaust. I have removed some very loose timing chains over the years out of engines that were running fine. I don't think they cause driveability problems until they jump a tooth and quit altogether. It's a stumper.