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#82341
There is a definate element of alternator noise there. May not be all of it but you can hear a slighty graunching whirr when you move round to the left side like you get with a loose rotor or badly spaced stator. If it's that, it'll get louder when you put the headlight on.
#82647
UPDATE: I took off the head and barrel as I was convinced it had to be a worn small end. I first found valve guide oil seal from our hosts then a brand new piston and new head and base gasket. Small end was perfect as was the big end.
I put it all back together, reset the tappets ever so slightly tighter (they still spin freely), started her up and the noise is gone.

Thanks to everyone who made suggestions.

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