As a zr550 owner, something is not right!
When I bought bought my basket case zr550, it had suffered from a cam chain that was run so loose, it wore grooves in the cam chain tunnel of the cylinder block, yet it sounded nothing like this.
But as mentioned, you should have sourced a kz/gpz style cam chain tensioner as I’m almost sure they are physically different than the Zephyr one. I replaced my auto tensioner with a manual version as the auto tensioner failed and was the reason behind my loose cam chain.
You need to get a thermal temp gun/device to measure and compare the exhaust pipe temps between cylinders. It 100% sounds like you are running on 3 cylinders. That will cause the terrible primary chain/clutch basket slap that sounds a lot like what you have there.
Also if the carbs have not been synced, it will cause terrible clatter like that.
But If you are indeed running on all 4 cylinders and they are all jetted and synced properly (again the header temps will tell you that) then as mentioned, there was something seriously done incorrectly in the machining process.
Yes, billet pistons vs cast will have a small difference in clearances as specified by Wiseco, but nothing that would cause that clatter.
Also….you mentioned that the cylinder bores have been “bored and sleeved”.
Stock sleeves do not have to be replaced to bore it out to 615.
And seeing that the cylinder block in the pictures does not appeared to be decked, if they did re-sleeve the block for whatever reason, they 100% should have decked the surface to ensure the sleeves are perfectly flush. Or…if the sleeve was installed and was not fully pressed down to the lip, that sleeve could be loose in the bore and causing that racket.
(I am not a machinist by trade, but I work at a race engine shop and am aware of good practices.)
Food for thought