Thanks to all for the comments but they have brought up some additional questions. The engine running cold was suggested as a reason for the noise. Is this a common issue with these engines? Is there someway to correct a cold-running engine?

I've been reading about adjusting the IP timing, thinking I might investigate that. But I can't seem to find anything about where the actual "adjuster" itself is if there is one? I see what looks like some type of screw adjuster at the back of the IP. Is that it? Or is the procedure just to loosen the pump and move the whole pump to adjust?

Thanks for any additional help.