Economical replacement rocker arm set?

It could be a guide, but I've never heard on that loud. That thing would have to be loose like socks on a rooster to be that loud and probably be using oil down that hole. No seal will stop oil if the guide is blown out. And you can bet if the guide is out its beating the valve job to death.

How much time is on the heads? Are they hardened cast iron or bronze?

This is a bummer.
Wow, stethoscopes rock. It's #3 exhaust. I can clearly hear the tapping using the stethoscope.