My cam sensor has been making noise since I've owned the car, 2 years and 20k miles. My buddy even commented about the "valve noise" when I bought it, but extensive "screwdriver stethoscope" research turned up no significant noise except the deafening sound on the cam sensor cap. I can hear it come and go while driving, like an on-off switch. I finally yanked it last weekend to see what the deal was. It makes noise just by rotating it back and forth by hand! The play in mine was over .03, and I found a thread here where it was suggested that it should be ~ .015 or less. The noise is internal so I'm not going to bother shimming it, I'm just planning to get a new one. I suspect that shimming it MAY help, but only short term.
FWIW.