Well maybe,hydraulics are a lot more forgiving than solids so it may be something else like a jumped timing chain in which case you could have some bent valves too.
Since the intake is off you should be able to pull the lifters one at a time for inspection and get a visual on the cam to check for damage.
I'd fix the rockers and what not then do a compression test,if that checks out you're probably OK.
If you have low or no compression in a couple holes it's time to pull the heads off and see what's up.

 

Short pump? really? I measured mine its a long pump for sure.

 

this is exactly why i buy a classic for the condition of body only !!! never for what motor it has!!
seems as though there is a rash of bb classic gm cars selling and within a month the motors are junk!!!???
without knowing the engine or who built it i would yank it out and have a pro. go through it and build it to your wants, for piece of mind if nothing else!!
sorry to rant just seems like alot of people throwing money away for that monster 427 or 454 that ends up being a dog with junk guts!!
ask mr 69 yenko clone!

 

can you list the casting number from behind the rear of drivers side head that is on the block??
not trying to dis your ride just curious??

 

I sold mine in 1991 but it was originally a 327 car and I stuffed in the big block myself,having Googled Camaro SS396 I found these pics.
Looks like the short pump to me with the short hose on all of them.

 

All those pictures show the long water pump, not short. The short pump uses a 90 degree hose from the pump to the intake, while the long pump uses either a 45 degree or even a straight hose slightly bent. You can't use a short water pump and get the alternator to mount in front of the head. Not enough clearance to line up the pulleys.
Not sure why you can't find a long pump with that inlet as every one I've seen has it. I run a Weiand aluminum long pump on mine, and it has that fitting. It was only $79 new from Summit.
I'm also using a 750 Holley on mine and it's a square pattern. I've got a old style Edelbrock Torker, and it wouldn't clear my stock hood on my '71 Camaro, and barely clears my 3.75" tall cowl hood, with a drop base air cleaner.
I think the 750 is a perfect carb for a mainly street driven 427 with 9:1 CR pistons. I'm running 9:1 with .010" shaved off my small chamber oval port heads and get great performance, with lots of bottom end power, even with the open plenum Torker intake.
Don't forget if you decide to pull the timing cover to change the gears or cam, you also need to pull the oil pan, or you'll never get a good seal on the bottom of the cover. It's easier to remove the motor mounts and jack the engine up to remove the pan bolts and timing cover.

edit-Actually the top picture looks like a short water pump since it's got a driver's side alternator sitting out past the head.

 

it is a long pump an di got an edelbrock victor polished. thanks


i got an air gap manifold also, rough line up with the old one that was on it and it looks (eyeball) lower than the gm aluminum one I had on it not much but about 1/4" or so.