Sounds like the tensioner isn't extending all the way out due to (a) low oil pressure, (b) wrong bolt in the oil pump top hole keeping the tensioner from extending. <img src="/forums/images/graemlins/cyclops.gif" alt="" />
I use the front two oil pan bolts to replace the OEM guide bolts when using the engnbldr.com steel rail kit.
I have seen where the tensioner was loose and no oil pressure was allowed to build against the plunger <img src="/forums/images/graemlins/zombie.gif" alt="" />
My advice is to pull the valve cover, see if the wrong bolt is hitting the tensioner. If so, it is an easy fix. If that isn't it, pull the timing cover off and replace the timing kit. May have a bad tensioner.
What kit did you use?
Danny