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You may be hearing the timing chain hitting one of the multiple guards put in place around the chain, for that to happen, you may have a tensioner out, I would be the chain and tensioner if I were you. And while you're in there, replace all the gaskets and wearable parts you can see, cause your motor probably has a lot of miles.
To set the timing chain, there should be marks on all the sprockets. I will go ahead and explain it but buy a chiltons manual, much easier to see.
For me it was easier to take all the sprockets off, set them on the chain where they need to be and then place all the sprockets in place with the tensioners pulled back (they should come with pins in them that hold them from extending all the way). Once you have the cam sprockets and idler sprocket tightened down all to THE PROPER TORQUE (this will be in the chiltons manual, and is very important, you will need a tq. wrench that goes to about 115 ft./lbs) then you can pull the pins out of the tensioners and you should be good to go. Keep in mind there are marks on all the sprockets, crank, idler, and both cam sprockets. Also, the lower timing chain (from crank to idler) can only go on one way, so, keep that in mind.