I doubt it's the cams since they run directly in the head. If there's oil up there then there won't be any bearing noise (since there aren't any bearings).
On the other hand, there may not be any oil up there, in which case the cams are running dry in the head and that's one whole world of nasty.
If you peer into the oil filler cap, does it look oily in there? You need to see a lot of oil in there (pools of it .. and very oily cam-shaft parts). If it looks remotely "dry" then take the cam cover off and have a look before you run the engine too much more.
There is oil in the sump, I presume?
Are you *sure* sure that the cam-belt tensioner and pulley were replaced? If you can start the engine with the cam cover off, you might be able to tell where the sound is coming from. Apart from the cam-belt tensioner and pulley, the only other component with a bearing in it (if the alternator and a/c are disconnected) is the water pump.
If you run the engine with the cover off, does the noise go away altogether? If anything is touching the cover you might get a scraping sound... but it's possible that it's the belt itself touching on something and squeaking... (though belt/pulleys etc. touching the cover usually scrape).
Ralf S.