360 Advice Needed...
In my experiences....this is totally normal for a hyd cam engine that has sat, semi-disassembled, put on a engine stand, flipped over bottom side up, completely drained.
An Oil Pressure Gauge hooked up to a tee at the oil pressure sending unit hole says alot.....you want 30+psi at idle, and 40-80 psi at RPM.
I always use 1qt of Lucas Oil stabilizer with 4 qts of 10w-30 on the first crank up, while it is running on the first startup, I have a fire extinguisher, good flashlight, and timing light ready to go.
I crank it, and set the fast idle screw to about 1200-1500rpm, and start throwing Anti-freeze to the cooling system (after the initial Not Running Fill) so I can get the radiator cap on and start building some Cooling System Pressure.
REGARDLESS of the way the engine sounds, I let it run until the temp gauge is up to temp and the upper radiator hose is tight, and hot.
Generally for the first 15-20 minutes the lifters will be slightly tapping, and oil getting warm and cirulating through the system.
I then let it idle down to 800 or so and use the timing light to set the timing around 11*/12* initial or whereever it likes it the most.
I drive the car (unless a Cam Swap was Done) and warm it up to operating temp for the first 100-200 miles and change the oil to my brand/viscosity then.
If the noise is still present at full operating temp (180-190ish) and never goes away, you have worn components, and I WOULD go through it with new Summit parts you mentioned....dont forget to put the oil slinger back on (if its there!)
Ever seen the MP Timing Chain Tensioner for SB's? I have it on my (2) Street SB's, and feel like its cheap insurance and rock steady Ignition Timing...
http://www.supermotors.net/getfile/846595/fullsize/img_0250.jpg
I would go with the 112 centerline cam.