Ok. Found out the problem was the timing chain tensioner--it did not decompress or pump up ! This was due to my incorrect compression and use of locking ring.

The newer design tensioner has 3 grooves as opposed to just 1 and it isn't exactly intuitive which way the clip goes; I slid it up instead of down, nearly permanently locking the tensioner together! OUCH!

After reassembly it runs quiet as ever, but the question now is did I just hasten the demise of the timing guides ? That horrible racket was indeed the timing chain slapping the guides..I even drove it around the neighborhood...Makes me wonder if failure is no imminent.