I had the exact same thing after I replaced two cylinders on my PE-150. The lifter for the intake valve on one cylinder was defective. The valve springs for the new cylinders must have had more resistance than the old cylinder. The pinging noise was only noticeable below 1000 rpm. At high rpms the lifter is getting more oil and will stay inflated. It was a pain but I replaced the lifter with a spare I had and the problem went away. I wasn't able to get the clip back in the cam follower, but I plan an overhaul this winter.
I also had the same problem on the oil dip stick when I got the boat. Lots of marks. I kept it full to the mark the oil was at when I got it. A few hours later I drained it and found I was only running on 4 quarts in the sump. Installed a sight gauge and marked the oil level for each quart I put in after 5 quarts. So, I have a 5, 6, 7 and 8 quart mark. I run it at 8 quarts but it holds 12. I have a bad O-ring on my oil pickup tube and anything over 7 quarts allows oil to seep out onto my fuel tank. I'll fix that this winter too.
I had a spare oil separator I installed to see how much oil I could collect from that being vented overboard. I was using 2 quarts an hour or more before I replaced the cylinders. I was able to recover about half the oil with the oil separator. I just drained the oil from the separator back into a quart bottle and poured it back into the engine.
After I replaced the two cylinders with chrome ones from Tom Jeffords my oil consumption is down to less than a quart in 4 hours. Tom also has the oil separators at a great price. If you get one you should plan on it only recovering half the oil that is vented. The real fix is to get the cylinders fixed so you don't over pressurize the crankcase in the first place.