You running 3/8" or 5/16" push rods? Either way make sure the push rods are not rubbing on the push rod holes going through the heads. Should not be a problem with a flat tappet cam but it is something that needs to be checked.
How does your push rod geometry look? You need to verify that the roller tip contacts the valve tip correctly through the full valve open and close cycle. You may need to run the oil pump as you turn the engine to pump the lifter up. A check spring is a good idea too.
Degreesing the cam refers to the process of getting the cam in perfect sync with the crank shaft. You use a degree wheel, TDC pistons stop, and dial indicator to measure it. You would then use offset cam keys to adjust as needed. Some cam and crank sprockets have different slots and will change the timing based on how they were installed. Check the documentaiton that came with the timing chain set. Definately something that needs to be checked.
Like said above remove the torque converter cover and check if its been hitting the converter bolts.
I would not run it until you check the entire engine over. If it were mine I'd be pulling that thing out and getting it on a stand ASAP.
