Just curious, how many miles on the bike? Either way though, just prior to the cam chain tensioner clicking over the next notch the cam chain can sound quite noisy. You checked your valve clearances, so good there it sounds like (BTDT a couple times myself).
Like magic, you'll start the bike up one time and it will be back to quiet. I've gone through that 3 times on my Connies, and it is pretty noisy just prior to that click over. There are alternative tensioners, and techniques, but....... I've been satisfied with the stock setup and ride away, considering it a character badge for my Connie
