Top end noise

My friend recently bought a 1970 dodge challenger with a 383. When he was driving it home he over heated it. He had it towed to his place, he said before he over heated it it started making noise. Now it still makes noise, to me it sounds like really bad lifter noise. He was told to motor only has just over 500 miles on it. I checked the oil, it was burnt for sure and according to the dip stick he is a ways above full. The car does have a dual remote mounted oil filter, does that account for the extra oil. Is the noise just lifter noise?