While it is certainly possible taht this engine has a pulled head stud, I'd strongly recommend getting everything in adjustment before I do anything else. I have taken my valve covers off three times in the last six weeks (I do have a broken head stud) and with each bit of attention the valves have gotten quieter.
A long screwdriver placed against the running engine in various locations, with the other end against your ear, can pinpoint the noise. Be very careful around an engine that is running. Just opening the hood and moving yoru head around should tell you whether the noise is on the intake side or the exhaust side.
I believe it is a valve that is out of adjustment. If not, my next guess is worn valve guides.
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'83 SC
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