Thanks for the feedback. I think lots o'lube is the way to solve it, and will try later.
All parts are 3/32" - IRO Hub with Dura-Ace 15T cog and lock ring, 49T Sugino Chainring. I agree though, that the sound can never be silent - it just cant be possible, unless you are riding in a vat of oil.
Regarding the deflection, it is a gentle push and pull, nothing too harsh, to get a 1/2".
more news from the homefront when the lube gets on.