GBG...,
Check to see that the rotor is not contacting the mounting screw for the PC board. If the points housing gaskets were changed and a thicker than OEM gasket was used, then that will push the housing out further along with the PAMCO plate and PC board to the point where it can contact the rotor.
Also, the combination of the advance rod with the PAMCO rotor on the end makes a perfect sound amplifier that can amplify the normal engine sounds.
No sure why lubing the bushings would change anything because the advance rod does not actually rotate in the bushings. It just makes small movements in response to the advance mechanism. I think it may be that just removing the advance rod to lube the bushings disturbs whatever condition is causing the noise and then it returns.