The 7M uses shims on top of buckets (aka lifters)... even with severe wear the valve train should operate well enough that minimal losses will be noticed at medium loads. If a shim managed to get kicked out it'll eat the cam like a fat guy at a wedding buffet. Excessive vlave clearance may allow the cam lobed to actually contact the shims causing heavy wear and a light ticking sound... a spit shim should like a little monster eating matchbox cars.
As for the clutch master, did you bleed the line? What is the clutch doing?
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