Ok, pretty significant update here.
I did some really extensive online research AND I might have found the potential problem with the valvetrain noise.
To start you guys off, I want you to look at this picture.
What do you see here that is bad?
The sharp eye will see that my crankcase is overfilled with oil.
This is because I just added a full bottle of auto-RX to a crankcase that was just BARELY above the top of the cross hatched area and full.
Now my crankcase is overfilled with oil which through my research means that indeed my oil pressure should be higher because of this (which it is) and the crank slapping the high oil level will cause foaming which in turn will cause the oil to become saturated with air bubbles which will cause the valve train and hydraulic lifter to not get the proper oil pressure seeing that air bubbles will compress in the oil path.
Just as an appendix, I have recently noticed that my oil pressure gauge would flick quite rapidly and I thought that I had a bad oil pressure sender which it might still need.
I am now thinking that it is air in the oil stream that is causing the oil pressure gauge to flick.
This is all in theory right now, but I think I might be one to something and draining some oil out of the crankcase will be in order tomorrow to see if this could solve the problem.
Won't cost me anything to check.
Wish me luck, I hope it is just this simple.