Ok I got the noise under control.
What I did was I checked the timing. its around 12degs.
Then I opened the fuel mixture screw 1/4 more turn out.
I closed the speed screw say about 2/8 turnd in.engine started to run smooth.98 % of dieselling gone.I even check oil pressure,its around 22psi at idle,
That funny noise coming from under the valve cover is gone..
So my guess is ,my intial adjustments were too lean for the engine causing it to make noises,which had me confused so I started looking at oil,oil pump etc etc.not realizing that the real problem was my carb was way out of tune.