The engine noise could be valve clearances that are too large, but it also sounds like the timing chain is rattling. I would go through the entire valve adjustment process:
- Torque the cylinder head (done cold - and DO use a torque wrench and follow the correct pattern)
- Adjust the timing chain tension (do it while running and not too tight)
- Adjust the valve clearances. (done cold)
It is important to do the above IN THAT ORDER so that all of those potential issues are eliminated.
Now, after checking all of that, if the engine is still rattling, then I would remove the side filter and drop the sump plate off the bottom of the engine and see what you find. A little bit of metal stuff and some small specs of black plastic is fairly normal (though less of each is definitely better than more) but if you find large pieces of hard black plastic - especially if they are long, say the size of a toothpick or longer, then your front cam chain guide has likely begun to disintegrate - and that could account for the loud rattle.
Check out my thread: “
Lucille pulls another one on me” to learn more about the front timing chain guide issue.
As for the exhaust noise issue - check and see if the above valve adjustment helps and if not, then you’ve likely got an ignition or carburetor problem and there are others on the Forum who can help way better than I with those issues.
Pete