For anyone still interested in my persistent ticking problem:
Well, forum member tlbranth loaned his ear and sacrificed his oil-catching flattened cardboard box, along with 1/2qt of oil, to help me check out the problem. The ticking really sounded strong (using screwdriver stethoscope) behind the alternator cover. Not having the Clymer manual handy, we pulled that cover off and ran the engine. about 10 revolutions into this test, the oil plug popped out and we dumped 1/2qt of oil out of the bike. We then held the plug IN and ran the bike, ticking still there. Query: The sound is getting over to that alternator cover in a strong way, what could be doing this? The crankshaft?
More info - with a recent timing adjustment, the sound has diminished again. I found out (should have read TT's posts over and over again until I could recite them verbatim) that the points plate moves just a hair when you crank down the screws after adjusting the gaps and timing, you need it held firmly in place during the adjustment and while tightening things back up. I am now confident that my timing is about as good as it gets. Bottom line - TIMING (difference between 1,4 and 2,3) AFFECTS THIS TICKING SOUND.
Clues so far:
1. TICKING SOUND IS STRONG AT THE ALTERNATOR COVER
2. TIMING ADJUSTMENTS AFFECT THE INTENSITY OF THE TICKING
Next - we noticed that while bike was sitting, it would periodically (every 3 minutes or so) dump a few teaspoons of gas out the #3 carb overflow tube - I had left the petcock ON. Reading previous posts in the thread would show that #3 seems to be running quite rich, carbon building up on the plug. Gas dumping out of the overflow indicates sticky or improperly set float heights. Now I'll fix that problem - I thought I did this correctly before but apparently not. Could uneven running be due to very rich cylinder #3? Seems so...Could very rich #3 be caused by improperly set floats? THE FORUM SEZ YES.
CLUE 3. STICKY OR TOO SMALL FLOAT ADJUSTMENT CARB #3 - increase to proper setting to test this.
NAIVE INFERENCES:
1. Bike is running unevenly due to one carb being too rich due to bad float adjustment or sticky float.
2. Uneven running accentuates SLACK IN THE CAM CHAIN that I didn't replace when I had the head off (I suck).
3. Worn-out cam chain is smacking around - or is slacking/tightening/slacking/tightening in time with the uneven running caused by the carb problem - creating a prominent ticking that makes itself most evident in the middle-lower case - clearly audible on the alternator cover.
FAKE PROOFS that make me want to believe my inferences:
1. Timing between 1,4 and 2,3 changes the ticking - another cause of uneven running
2. The cam chain guide and adjuster were shot for a while (years?) before I got in there and changed them with replacement worn-out parts
3. This wore the cam chain out, or wore the lower cam chain sprocket?
!!!!!?!??!??!! making it difficult to tension properly, I probably should get a NEW tensioner in there and replace the chain.
ACTIONS:
1. Fix carb #3 and run for a while.
2. Exchange plug wires 2,3 and run for a while to rule out plug wire/coil issue - weak spark causes carbon and uneven running too...
3. Rip 'er apart and finally replace that cam chain. I have the tools, I have the chain. Just do it.
4. After all this work, ride it until the noise comes back.