You still have an enlarged valve clearance tapping some on the side opposite the half moon -- nothing serious, resolve to do better next time and ride it.
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When you adjusted the valves, when you first put the feeler gages in the gaps, was there a
whole lot of open space?
Did you adjust the decompression solenoid like you were supposed to when you did the valves?After the valve adjustment was done -- did the engine still run sluggishly and with poor power?
Was the engine ever run "low on oil'? Does it use a lot of oil?
I hope the answer to all of the above is a resounding "heck no !!" because mebbe I think I mebbe could possibly be hearing a mild head knock sound coming from some enlarged cam bearing clearances.
The screwdriver or stethoscope tests would find the bearing clearance knock right around the rubber half moon or on the side opposite (where the cam bearing journals live).
Answer for this very mebbe issue at the mild level that you may have it is to continue to run it if it still performs well and simply be ready for flat sanding journal refit job when the time comes. Now that I've scared the pure tee hummy out of you about what could mebbe be there, here's the simple truth about the whole thing. Your bike sounds pretty much normal for an '02 that hasn't been taken care of very well. Verslagen is straining to hear a little cam chain noise and I am straining to hear a mild bearing knock. Both are about due in an '02 to some degree.
You are a musician type with acute hearing and a good sense of pitch. You hear all the mechanical sounds that an engine makes normally. Savage engines with a few miles on them make noises. Old Savage riders note them and then note if they get worse over time. We save them little noises all up for the next time we have to take the covers off and THEN see what's what once we are in there.
Keep oil in it. Keep the idle speed up over 1,000 rpm (keeps oil pressure up when idling). Ride it. If the noises are anything serious they will get worse over time.