hi Austin, thats a good question, never thought about that, only done the clearences when oil drained. but what im thinking is, is that the oil will have to come up past the piston rings, and if the rings are designed to prevent the oil coming past, so technicaly you should be alright.
Definately the tappets, you couldnt of described it better. "like a sewing machine" they do need tightening up quite often. The clearences are in the BIS workshop CD manual.
Good luck m8, i hope some one else will confirm what i said???
Chris