Until you get inside .... it is a possibility....
I gotta admit..... something is definitely amiss....
I would think if that tensioner has failed it would run terrible, due to cam timing.... I'd think that it could easily jump time if the tensioner failed.
If it were mine.... I'd have it on my lift... and be going over it with a fine tooth comb starting at the top end of the front cylinder, and working down....
curious.... at those RPM's... does it do it just sitting still?.... be a chance to get someone, or yourself down close to listen at those rpms? ..... may help get it narrowed down? I use a stethescope in my shop frequently when I get cornered with noises...
To get a "real" look at those tensioners... you're going to have to pull the head.... As pulling the bolt/nut from the side of the jug, is only going to show you the spring.... and not the actual tensioners condition ...
this could be something simple/easy.... but its not looking that way so far...
for more thought.... how is it running other than the noise.... probably won't make any difference, but just curious...