It's Alive! First Start up

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Is that an exhaust leak or are the valves out of adjustment?
 
That tick? Sounded like a valve. I could feel it.
You might want to pull the valve cover, adjust the valves and inspect. I once had a pushrod cap break off in my hand during an inspection. The cup was worn through due to lack of oil flow down the rocker channel to the pushrod.
 
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