What you have is an upper end valvetrain noise. The rockers are basically clacking due to looseness. I will look it back up tomorrow to see how the valves are adjusted. If the importer did a tune up, and adjusted the rockers like an old fashioned 302 (and GM 350's), but the rockers are actually required to be torqued down, they will quickly loosen up and cause this noise. An easy way to tell is if the stud (or bolt) for the rocker has a shoulder, and the nut turns freely, then they are torqued down, but if the stud is straight and the nuts are crimped and get hard to turn, they are adjusted to zero lash and +3/4 turn. Sometimes there are rockers with a pedestal and bolt setup and they are torqued down also. I will look it back up tomorrow to confirm. As far as the engine light, when an error is detected, it will set a code, but if the error is not detected, the light can go out. There are hard codes and soft codes too. It can be confusing, but a scanner should give you some direction to look at. I wouldn't speculate the worst (engine rebuild), because it really sounds like just an improper tune-up.