535 supercharged first time start up?

So not 100% sure of all the details, but it looks like you need a new cam and lifters.

I've had good success with new cam run-ins and the following is what I do. I run oil with anti-wear additives, I use VR-1 because it seems to be the least expensive that has the properties, and I break in new flat tappet cams with the lifter faces coated with Moly paste, Isky or Crane brand, and just that oil, or sometimes with pint of additional break-in additive like the JB product, and have good success in both cases.

First I make sure it's static timed to fire with a good amount of advance and use a known good carb with curb idle set to a min of 2k rpm. I fire it and make sure I've got oil pressure, check the timing with a light and set to at least 15deg adv, watch the temp, and work the throttle between 2k and 4k rpm for half an hour, then dump the oil and filter and inspect for debris, check/adjust the valves if adjustable rockers and then install new oil and filter, adjust the carb and take it for it's first drive.

Assuming the motor specs are right, bearing clearances, free lifers in the bores, etc., you can have good success with a flat hyd, or if you are willing the to buy the adjustable valve train, solid lifters and cam, but the initial break-in is essential for any flat tappets, and even if I when I run roller lifters I do the same for an overall health check for a new motor.