No, leaky valve covers won't make a noise - running without em may be louder if there is a valve train noise - and of course would be messy - ! lol
And I see where most manufactures recomend going hotter with the plug on oil fouling problems - even though it means the electrode holds less heat and may not reach self cleaning temp, it moves it further from the oil which is generally closest to the walls or combustion chamber - which helps the plug from be "shorted out" from the oil. I've always gone colder for the self clean approach and just replaced em sooner (due to the glazing that is then created - besides I used to have an endless supply of only slightly used plugs).... I am going to try hot plugs in my 305 (has three bad guides) and see what diff it makes to the right foot and odometer! thanks jim.
So agin Lets just change the plugs going hotter, replace the pcv and put a few mile on and check the plugs again - you will then know how much oil is being used - the oil is extra fuel so you could be pinging the wet cylinder, back off two -four degrees of timing, if it don't go away then I would agree with the leaky exhaust - but as I said earlier they leak so learn how to change em as effortlessly as possible anyway! (they also like to crack at the collectors) Hint - you leave the end bolts in - just run em out about an inch - pull the old gasket up and out and snake the new gasket in hanging it on the open holed ends (if the old one has regular holes you can pull one end bolt - bring that end of the gasket up, replace the bolt and repeat for the other end)! And don't use the metal gaskets - those are for manifolds and will burn out real fast. I like the white paper FelPro, if whatever gasket you buy does not have slotted holes on the end - slot them first! One thing I have noticed about header flange leaks - they are louder when cold.