Well, I guess I should clarify a little more for Retem:
The Crank Arms, Bottom Bracket & Chain Ring are all brand new, Sugino 75 parts. Every single part on the bike is brand spankin' new (I'm disclosing this info in case I have further questions).

I think a few of you are correct about it not being on all the way. I'm gonna swing by the shop tomorrow & have him re-check it.

As for the bearings, have any of you removed them from the little cages & put them in loose-style? Seems like there would be a bit of extra space, which would be the noise I'm hearing... bearings tapping together occasionally.

-john