First, there's no "standing issue" with those tanks from a design or operation perspective. Perhaps, he or the Prior Owner installed it incorrectly (reversed the hoses?), but that would be a "User error" not a product issue.
You bought the bike, but it needed an engine rebuild?
He rebuilt the engine, but the tappets needed adjustment? That ticking sound was oil starvation to the top end. Doesn't sound as though he "rebuilt" it very well...
He likely didn't clean the oil passages and either he or the PO used sealant where they should not have and it has clogged the oil pump and/or galleys.
Sounds to me as though you just screwed by your engine rebuilder.
Might be worth getting a new motor and finding a new mechanic.