Thanks for your reply, good info. I agree that the cam could be damaged but I tried this process to get it out but put too much pressure with my clamp, so maybe it is not too much stuck, now is almost imposible to grab it with the clamp.Here's a couple pictures of my Lunati cam and lifters - one was collapsed and one was mushroomed (the one with the dish), I had a hell of a time getting it out because it was flared at the bottom. Whether you have a stuck valve or not, you're cam and lifters are suspect too (like everyone above tried to tell you). I was able to find single Lunati lifters somewhere, maybe Summit racing (but I don't See any now). I replaced them and ran it for a couple weeks, or so, until the shiny stuff in the oil caused my rod bearing to spin. Then the piston was going up too high and KNOCKING INTO THE HEAD, making a real loud banging noise, like you describe). Drain the oil and look for metal filings and/or glitter in the pan or the filter. That'll tell you.
www.gmt400.com/threads/my-flat-tappet-cam-wiped-out-so-i-decided-to-go-roller.60167/post-1277333
My Flat Tappet Cam Wiped Out So I Decided To Go Roller
A little background: About 4 years ago, my '88 C1500 with the 5.7L TBI engine started overheating on me. I found the head gaskets blown. I knew the swirl port heads and peanut cam were about useless so, I decided to "upgrade" to better parts while trying to keep it fairly cheap - yeah right...www.gmt400.com
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I just spread some WD-40 and maybe tomorrow try again.
Anyway, my next step is to remove the head and see the damage in the valves.
Regards.