Tom... engine guru i'm not.... you didnt say if the motor had a bushed rod or needles.... Bushed, on a rebuild I always check the crankpin dia/versus bushing dia, if runout is over or at .004, I'll get a new rod..... the click you have is from the piston being sticky at TDC, as ron stated, as it rocks over on the stroke, but the play in the rod is showing itself too.... Needles.... is the count all there, are they discolored, galled or in great shape?... while the wristpin is an often neglected factor in most assemblies, I always use a new one in a piston/sleeve replacement.... top rod end runout comes in here too......
Just me, but it's tough enough for me to assemble/reassemble the little motors proficiently, and I like the peace of mind that my investment in a new piston/sleeve, bearings, and etc will warrant a happy engine.... ( assuming the thing survived to even being rebuilt)...
Like Ron and Walt said, break it in SLOW, and rich..... a question of which i've struggled with for years being.... youre trying to build heat and conversely expand the liner for todays wedge style sleeves, yet, we throw them in the water and lose what we're trying to gain.... a situation IMO, that is so hard on the bottom end of the rod, new or not, that, while running no water, a hair dryer, and a bench run for a few tanks with an airplane prop ( load)... is something i can do to ease the pain....... then i'll use a small range propellor, after that slow boat or not, and cross my fingers for a few tanks.......
clicks and tight motors make me nervous..... its a fine line, and the mangled parts i used to keep on the workbench shelf to remind myself of past stupidity, i do what i can to keep it as small as I can..... good luck mike