84 C10 with I6 -Rod knock?

[capriceutah]

I just picked this truck up from an 85 year old guy that had 5 cars and his wife can't drive. He had a reciept for a new motor and trans. First thing that was noticable is rocker noise. I adjusted the rockers by pulling the valve cover and starting,then turned until the ticking started and then turned it back until it stopped- went a 1/4 turn and then 1/8 turn. The motor doesn't smoke at all.

Can timing cause this sound??

Thanks in Advance,
Chris

Here is a movie of what I'm hearing

http://www.youtube.com/watch?v=KjTq9sW3L7Y

It did get quieter and then I seaformed the motor and it got even quieter. I changed the oil and it was black but nothing out of the ordinary.