Bob,
The engine was most likely not ran for an extended period of time which is why the tappet noise appeared. Often at dealers the vehicle's can sit for quite some time before the engine's are ran, all the oil settles at the bottom of the oil pan and takes timne to lubricate the upper end. I believe you'll be just fine. Just remember the Northstar engine is a great design, but always keep up the regular oil services, sludge buildup from untimely oil changes can affect internal components greatly on these. Also, dependant on what the current milage is on this vehcile, you should consider an extended warranty which will cover minor to major repair work in the future. Premature component failure is not too common on these, but when it does occur parts and labor to work on this vehcile always are high and insurance that you won't have to pay much from your pocket is always reassuring.
-Rip
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