Hi Carl
It does sound a bit loud but they all do maybe not as loud but close to it, one thing I did notice is how blue your headers are that tells me you are running a bit lean mite have something to do with top end noise, as well when you had the caps off and moving your tappet it did seam to be a bit to much movement, but if your bike is running OK and not losing any power then I would just check your ajustments and maybe change your oil to a straight 50 grade, I have owned my 850 for over 35 years now and even when it was new it made top end rattles, but when I brought it new in 76, the dealer I brought it off was running GTX motor oil in it, but being my first british bike I didn't know better but with in 6 months the top end rattled and in hot weather here it ran hot then I started to run Penzoil racing 50 grade, my what a big diffrence it made.
But if you are still concern find someone that knows Nortons and see what they think.
Ashley