It sure sounds like a valve needs set, like the clearance is too loose on one cylinder. Also, I noticed that you seem to be running a 4 into 1 header, without any type of can on it, or baffle in it. This isn't a good idea, as you need some back pressure in your engine. Get a slip on can and install it.
I would go through the valve setting procedure, and see what you get. That tapping noise could be a bearing, but most likely is in your valve train. And, as Scottly said, Check Your Oil Pressure!!! If you don't have any oil getting to the bearings, that could destroy the engine.
Charlie