I'm getting the head fully rebuilt(acid dipped, valve seats regrinded, new valve seals, head shaved, etc etc etc) which will cost me around $200.
For the head bolts I wanna go genuine item, but I'll get the timing chain from repco. Oh yeah I'm gonna replace the harmonuc balancer as well, due to a little accident with the one in my car(revealed soon in the E-Series group
The sound is hard to locate, what I think i'll do is take the water pump/alternator belt off as well when the motor is cold and see if it still makes the noise. I guess it could be the tensioner, but I don't think they fail very easily from what i've seen(even if they pop out, they still work) Could have got locked into spot i guess though.
Will let you know how i go.