Measure minimum slack at the tightest point observed as the wheel is spinned, in case you haven't already.
Also, make sure the upper portion of the chain (above swingarm) does not move as you move and measure slack on the lower portion. Otherwise, pushing the slack to minimum spec means over-tighten.
The noise, is probably from loose/worn rollers (see picture above), this cannot be measured with chain slack, but can be inspected by rolling some of the rollers with finger. If there is sufficient grease/chainwax between the roller and pins, it should silence the chain sufficiently. Chains with loose rollers (freeplay against the pins) should be replaced, even if the chain does not kink, elongate out of spec etc...