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I checked the valves and tightened a couple of them up a little bit. I think they were all in spec, but I tried to get them all as tight as possible without going too tight. I found that I could push all the valves in using a screwdriver handle with a good grip on the cam tower. None of them felt soft and none of them felt sticky. I also looked at the springs using an inspection mirror and could not see any obvious problems.
I found that I could move all of the valves back and forth a little bit by gently levering the valve spring retainer with a screwdriver. This felt more like bending to me than play in the guides. The valves were all pretty rigid when I tried moving them by hand.
I buttoned up the covers and started it up. I was encouraged initially because the noise seemed quieter than I remembered. After a few minutes of driving the noise returned. I stopped by my local Porsche mechanic here in Santa Barbara and arranged to drop the car off Monday to get checked out. Their first impressions listening to the sound was timing chain slap or a broken valve spring. Hopefully that is all it is. In the meantime I will be driving my pickup.
I will post a follow up next week once my mechanic looks it over to let everyone know what the problem was.
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