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I have a '02 Ultra that I purchased a year ago with 22K miles. It was quiet to 2500 rpm in any gear. It then sounded like there were hammers instead of valves. I replaced the cam tensioners (inner and outer) and it helped immensly. I also polished the outer surface of the two cam chains to slow down the wear on the tensioner pads. But what I noticed on the tensioners was the spring temper had gone away. Using a torque wrench to hold back the springs it took about half the force on the old versus the new.
After that, there was a more normal valve rattle. Since then I have changed to the SE 203 cams. In the process I changed all cam bearings and installed Jim's lifters. That did not change the valve noise at all. Now the noise is only annoying and doesn't sound harmful. But this winter I plan on checking the top end and seeing if the rocker arm bushings are worn or have excessive slop. I just like tinkering at this point.
One final observation. When rideing for distances, I notice the noise softens up. After stopping for a while it is noisy for a period of time. I believe this is due to bleed down in the lifters. Both the stock and Jim's had the same characteristic.
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