I would bet that one of the lifters is plugged up. What I would do before I spent a bunch of time and money on it is to flush the oil system out.
Just get some Kerosine/Diesel fuel and mix it 50/50 with new motor oil. Leave the old filter on. Drain the old oil out. Fill it to the full mark with the mixture. Start it and run it just above a low idle until it is good and warm. Usually on an air cooled motor that would be 10-15 minutes under no load.
Then just change the oil and filter like you always would. I have had this fix many, many hydraulic lifter noise issues over the years. I had a 1952 Chevy Pickup that told you to do that in the service manual every other oil change.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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