Well, adjusted the valves and put new gaskets on tonight. I also blocked off that damn EGR for now. It's really in the way when you're trying to work in there.
It seemed to run well when I test drove it, but I can't honestly say I noticed any difference from before. The spitting noise in the exhaust is still there after it warms up, but it seems fainter again. I may be fooling myself, though, so I'll drive it for a couple days and see what I think.
If this doesn't get rid of it, the only thing left is the carb. I emailed the guy I bought it from to ask about how it was rebuilt. We'll see if I get an answer.
I guess this isn't that big a deal, but it just keeps nagging me. I may have to move on to other things like replacing my u-joints and figuring out where the slop is in the front driveshaft that is causing this clunking noise when I'm in 4x4. It never ends....