noisy hub?
 

I have a 1980s world sport. I converted about 4 months or so ago. My rear hub is the original with the freewheel removed and a cog and lock ring installed. I recently rebuilt the hub because I could not get my chain to stay tight. While doing this I re-spaced in order to straighten my chain-line. Now there is a slight knocking sound. nothing real noticeable but still it is there. That turned up right after the rebuilding of the hub. I went and rode for about 30 miles or so. Though the chain never did go loose my hub did loosen up.
I re -tightened my hub and now the noise is back. I am going to get a real wheelset in the near future, a proper one, but until then I need to get around. I would prefer to get around safely. Also how tight should my chain be?
Any suggestions would be greatly appreciated.

think I got it .
but still input is good