Thanks for the feedback Stick!   I'm not sold on that idea yet.  Engine was rebuilt just over 40K ago.  Cords, a very reputable shop locally, did the valves/guides and decked the head for me.    Haven't been able to isolate the issue so Smart is going to take a stab at it Wed.

Most likely worn intake valves.

Thanks Mike.  Based on the noises from the timing chain area and the intake being much louder than a gas engine I'm use to...   I'm concerned that she might have jumped a tooth on the chain.    Trying to find someone local who can complete the diagnostic work locally without much success so far.  Might be the dealership as the next stop. 

Sorry for the delay!  I guess I haven't logged in for a while.  I did end up using an MPPS tool which worked fine.  Thanks though!

That's running on two cylinders. Sounds very bad.