First fire, horrible noises!! Any ideas?

I'd just pull the heads try and clean up the piston tops and get the valves replaced. I'd throw in a smaller cam as well and measure it up.
.035 is a lot of milling on 5.3L heads.
try for 80 thou clearance on the intake side. You might have whacked the exhaust valves too but I think it is probably just the intakes.
Good luck,
Chris
The Best V8 Stories One Small Block at Time
Sounds like you made 8 nice valvereliefs
Best Wishes on getting it fixed soon.
Tim
When I did my H/C swap, instead of measuring with clay, I turned the motor over several times after valvetrain install, by hand using a breakerbar. If I had PV clearance issues wouldn't they be identified using this method?
If I ever do another H/C swap, I will clay it but I thought this was a viable substitute at the time. I realize there would be no way to measure the clearance this way but at least i would know if the valves are hitting the pistons, right?
If I had PV clearance issues wouldn't they be identified using this method?
did you take pictures 
i have 0.050 off my stock 5.7 heads, 224 cam, and 7.35 rods. i clayed 7.4 rods, but it just cut through...def would have had a problem. i cant imagine running your setup without testing pv clearance! the 7.30 rods might work, or maybe 7.25...hard to say, thats a big cam.






