If the scavenge side of the pump is damaged or worn, it can affect the amount of oil carryover. Excess oil left in the crankcase gets aerated by the action of the moving parts and can overwhelm the oil separators in the heads, leading to an increase in carryover to the air cleaner. If I remember Dakota's earlier post on the issue, however, the carryover he's experiencing has been the same for a long time.
Dakota, my '05 103 has always been noisier than my TC88 Dyna. I think you will find that the combination of the higher lift cams & valve springs, and the longer stroke, has a lot to do with the added noise. The fairing and lowers don't help either, since they bounce that sound up to your ears. If the noise hasn't changed since new, it's probably nothing to worry about. If it has changed or gotten worse, then you need to have it checked out. I would definitely start with the cam chain tensioners, since they are a known problem area on the '99 - '06 engines. As they wear and little chunks come out, those chunks can restrict oil flow to things like lifters, cause the oil pressure bypass valve to stick, and mess up the oil pump.
Jerry