I am cleaning and rebuilding my Raleigh, and I have a light clicking noise in the bottom bracket. It does not seem to be at a particular point in rotation. The bottom bracket is a Campy Nuovo Record. The spindle and cups look fine and I did try the ball point pen test on them and didn't notice anything. New bearings (loose, 11 1/4" per side) as well. Since it appeared that the frame had never had the bottom bracket faced, I went ahead and had that done yesterday ($40), but no change.

The clicking occurs when I put the crank arms on and spin it (no chain, no pedals on, pretty much bare frame in the work stand). I think I may have heard this the last couple of times I rode, but put it down to shift lever or derailleur misadjustment (friction shifting). It sounds kind of like the light noise you hear when you need to trim the shift lever a touch.

I've had the bottom bracket apart numerous times since I noticed this, and recleaned everything. Should I use some fine (000 or 0000) steel wool on the cups and cone areas of the spindle? I had the drive side arm and chainrings apart, and everything is tight. I may pull the chainrings and see if it does it bare.