I've checked the clearances again and they're ok. I've been working through the other possibilities and it occurred to me that maybe the sound is coming from the little end - maybe not enough lubrication getting through to the piston pin. Does that sound likely to anyone?
The pin looked ok when I had it apart so that was one thing I did not change - which was possible a bad decision. It seems strange that there is no bearing on the little end. I can't thing of what else it might be - the crankcase bearings are all new, cam chain is new, tensioner is working and I have replaced all the crankcase bearings and redone the big end with new bearing, conrod and crank pin.
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